That's the question central in the minds of the jurors in the criminal trial beginning next Tuesday. The defendants are:
- Steven Davis, former chairman
- Stephen DiCarmine, former executive director
- Joel Sanders - former chief financial officer.
They are accused, reports Sara Randazzo in The Wall Street Journal, "of conspiring to use fraudulent accounting techniques to keep the firm in compliance with bank loan covenants ... [and] misrepresenting Dewey's finances to a group of insurance companies that participated in a $150 million bond offering in 2010."
There is little sympathy for the three. They are not profiled in a flattering manner in the influential article "The Collapse" by James Stewart in The New Yorker. Not that they were much different from how other powerful men comport themselves.
That article provides a lens for observing the three in the courtroom. Of course, along the way, they have made many enemies. Among them are all those who lost their jobs when the firm tanked. Those were good jobs. In addition are the soured who have never made it and harbor antipathy about those who had.
So, there will be great glee in watching the three squirm or a drop or two of sweat fall from their brow. This will be far more fun that following the tweeters at "Pao v. Kleiner" who captured the distraught looks of the defendants and the seeming lack of social intelligence of the plaintiff. The drama could endure for four to six months. Depending on what else is going on in news, this could be the big legal story of the summer.
The stakes are high for the three. If convicted, sentences for prison could range from a little more than eight years to a quarter of a century.