Making Me Cringe

I have a quick news bite to post today. Its not hard or recent news or even a market mover, but I can’t let this one go.

Ken Lay, of Enron fame, courtesy of U.S. District Judge Sim Lake, had his conviction voided on Tuesday. Although he was convicted by a Texas jury of conspiracy and fraud for his role in the 2001 bankruptcy of the Enron hurting thousands, he happened to pull off almost the only legal means, short of a presidential pardon of not having his estate pay up. He died six weeks after the conviction. This legally robbed him of his right to appeal the conviction.

This has upset many and drawn the rants of conspiracy theorists since “the defendant’s estate can’t be penalized.”

So conspiracy theorists…is Ken Lay getting the last laugh? Is sunning himself somewhere in the Caribbean with Elvis? If so, perhaps he ends up the smartest guy in the room. At least Jeff Skilling is set to be sentenced on Monday. Let’s hope he stays healthy.

Off topic: With the softening of the real estate market, this is an interesting stat to watch. According to Freddie Mac, the average interest rate on 30-year fixed-rate mortgages dropped to 6.36% this week from 6.37% a week ago. How was the market last year; a year ago 30-year mortgages averaged 6.10%.