Judge refuses to dismiss Enron insider trading charges against Skilling News
Judge refuses to dismiss Enron insider trading charges against Skilling

[JURIST] A federal judge has refused a request made six months ago by former Enron [JURIST news archive] CEO Jeffrey Skilling [BBC profile] to dismiss the ten insider trading charges filed against him. Skilling is alleged to have sold $26 million in stock while in possession of non-public information about the company's financial situation, but argued the indictment failed to specify what information he had when he made the trades. In his opinion made public Thursday, US District Judge Sim Lake [Houston Chronicle profile] also refused to remove a paragraph from Skilling's indictment [text, PDF] alleging he directed former Enron Investor Relations head Mark Koenig to mislead analysts. Koening has already pleaded guilty [BBC report; DOJ press release] to securities fraud and is expected to testify against Skilling. Skilling's trial on 35 counts of fraud, conspiracy, insider trading and lying to auditors is now scheduled to begin on January 30 [JURIST report] after a two-week postponement [JURIST report] was granted following a guilty plea [JURIST report] Wednesday by former Skilling co-defendant Richard Causey. AP has more.

THIS DAY @ LAW

Indian National Congress founded

The Indian National Congress (INC) was founded on December 28, 1885 in Bombay (now Mumbai), India. In subsequent decades, the so-called Congress Party would advocate for Indian independence from the UK, which was eventually achieved in 1947. The first Prime Minister of independent India, Jawaharlal Nehru, was elected as a member of the INC. Learn more about the history and founding of the Indian National Congress.

Congress recognized Pledge of Allegiance

On December 28, 1945, Congress officially recognized the Pledge of Allegiance and encouraged its recitation in schools. The Pledge was supposedly written in 1892 by Francis Bellamy, a Baptist minister, to celebrate the 400th anniversary of Columbus Day. The words “under God” were added by Congress in 1954. The revised version of the Pledge was the subject of litigation before the United States Supreme Court originally brought by Michael Newdow, a parent who unsuccessfully objected to his daughter's school district policy requiring daily recitation of the Pledge. The court ruled that Newdow had no standing.

Nepal ends monarchy, establishes republic

On December 28, 2007, the Kingdom of Nepal's interim parliament ended the country's monarchy and established the Republic of Nepal. Free elections were held on April 10 of the following year to elect a Constituent Assembly.

Learn more about the rise of democracy in Nepal.