One can only wonder when the mainstream media will pick up on the outrageous conduct of the Justice Department in the sad case of former mid-level Dynegy executive Jamie Olis?
First, in a prosecution that probably should never have been pursued in the first place, the Justice Department dramatically misrepresented the market loss attributable to the transaction over which Olis was prosecuted, prompting U.S. District Judge Sim Lake to sentence Olis in March 2004 to an absurd 24 years in prison.
Then, after the Fifth Circuit Court of Appeals threw out Olis’ sentence on this past October 31, the Justice Department had over two months to prepare for the hearing on Olis’ resentencing. Despite that time to prepare, the prosecution simply asserted that Olis should be sentenced to an almost as absurd 15 years in prison and failed to prepare any meaningful evidence of market loss to support that position.
On the other hand, Olis’ defense team produced impressive expert reports that establish the impossibility of establishing with any degree of meaningful certainty the market loss attributable to the transaction over which Olis was prosecuted.
Now, in yet another outrage, the Justice Department has requested six additional weeks to prepare market loss evidence for Olis’ resentencing hearing despite the fact that it has been clear since the Fifth Circuit’s decision of October 31 that such evidence would be necessary for Olis’ resentencing. Inasmuch as Judge Lake is about ready to commence the trial of former key Enron executives Ken Lay and Jeff Skilling, it now appears that Olis resentencing will be postponed for at least four months.
Meanwhile, justice, respect for the rule of law, the principle of prosecutorial discretion, common sense and human decency continue to be the casualties of the sad case of Jamie Olis and other dubious prosecutions of corporate agency costs in the post-Enron era.
Update: Doug Berman continues to place the over/under on the Olis resentencing at 5-7 years. I’ve been taking the under on that bet, but the latest news reflects that my bet is based more on a generally optimistic nature than savvy betting skills in such matters.