Fortune magazine has a piece written by Archelle Georgiou, who managed to get to interview former Enron CEO Jeff Skilling in Waseca federal prison a while back, and this little gem illustrates how the once mighty one has fallen.
'Ninety minutes into our meeting Skilling lowered his eyes to the floor. 'I apologize for asking', he said, embarrassment in his voice. 'Could you buy me a coffee ? Inmates aren't allowed to touch money or approach the machines. They could put me in solitary for a week'. (Brought to our attention by The Wall Street Journal).
In the meantime, Bloomberg reports that according to a Congressional Oversight report, the US bailout of AIG in September 2008 enabled European banks to avoid having to raise around $16bn in additional capital to beef up their balance sheets. The news agency quotes Jefferies analyst Jonathan Hatcher, who said that the banks 'would've needed to come to the capital markets at a time when it would've been nearly impossible to raise that kind of capital'.
Finally, The Times reports that former Royal Bank of Scotland CEO Sir Fred Goodwin is said to have agreed to meet with officials from UK securities regulator The Financial Services Authority (FSA) to answer questions about the collapse of the now government-owned bank. Nearly 2 years after the fiasco, the FSA still appears to be asking questions. Why don't officials just read one of the many credible books about the financial crisis, get Sir Fred to agree never to work in the City again, and move on. It happened. Get over it.