You turn to us for voices you won't hear anywhere else.

Sign up for Democracy Now!'s Daily Digest to get our latest headlines and stories delivered to your inbox every day.

Enron Paid Managers Over $700M in Year Leading Up to Bankruptcy

HeadlineJun 18, 2002

Enron has revealed it paid its team of 144 senior managers over $700 million in cash and stock in the year leading up to its bankruptcy. That’s average pay of more than $5 million for each executive. The figures were disclosed in a 1,400-page filing with the federal bankruptcy court in New York. The news has infuriated former workers and shareholders, who accuse the managers of raiding Enron’s coffers at their expense. They say that Enron lied about the amount of money, admitting only $100 million to top executives. In fact, that’s what Ken Lay, the former CEO, received alone. The amount of money that Enron did not admit to, the more than $700 million, means that when Enron workers negotiated severance packages just in the last week, it was based on a figure a seventh of what they had originally been told about how much the executives made.

The original content of this program is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 United States License. Please attribute legal copies of this work to Some of the work(s) that this program incorporates, however, may be separately licensed. For further information or additional permissions, contact us.

Non-commercial news needs your support

We rely on contributions from our viewers and listeners to do our work.
Please do your part today.
Make a donation