Jeffrey Skilling, the man behind one of the biggest fraud cases / corporate bankruptcies in American history — and not coincidentally, the central figure in Enron at Theatre Three — has cut a deal to shorten his 24-year prison sentence, according to the NYTimes. He was convicted of multiple counts of fraud in the collapse of the Texas energy firm in 2001. Yet many of the financial deals Skilling and convicted accountant Andy Fastow pioneered — like bundled debt and derivatives — are now common practice on Wall Street.
As part of the agreement with the Justice Department, the former chief executive of the energy giant will waive his rights to any further appeals. In addition, he has agreed to allow more than $40 million of assets that were seized from him to be distributed to victims of Enron’s failure.
Employees lost their retirement savings and shareholders lost billions of dollars after the once highflying company slid into bankruptcy in 2001.
Enron runs at Theatre Three through May 25.