Enron famously collapsed in 2001 shedding nearly twenty thousand jobs and the life savings of countless Americans. Amongst the first corporate actors that were identified for prosecution were the 'Natwest Three'.
'The Three's' dealings with Andrew Fastow, former CFO of Enron, were considered to be in breach of the arms length clauses in their employment contracts. Though this constituted a non-criminal offence in the United Kingdom, their actions dragged them into a US federal government led litigation that would see them spend years behind bars in a U.S prison after being successfully extradited from the U.K.
Gary Mulgrew, one of the Natwest Three penned the book "Gang of One" to document his unintended journey through the U.S legal system and the time he spent incarcerated in a U.S. Prison. The book also details his personal search for his daughter, who was abducted by his former wife, a search that is still very much underway.
As the statute of limitations expires on the 2008 global financial crisis and not but one executive was personally held to account, I thought it would be pertinent to re-visit the Natwest Three story and talk with Gary Mulgrew about his book "Gang of One" and life in 2014.
IBR: At the time your book was released you hadn’t seen your daughter Cara Katrina Mulgrew since prior to your extradition, what's the update since the release of the book?
Gary Mulgrew: Sadly I still haven't seen her. There have been times when I thought I was close and many journeys to North Africa/Middle East but she is still missing.
IBR: Was the book a therapeutic experience for you or was it an experience you really didn’t want to relive? Do you think you would have written the book if it weren't for your daughter?
Gary Mulgrew : Yes I think I would have written a book -but probably quite a different one. It was quite cathartic although when I wrote the book it wasn't that I 'thought' I might find her - I 'knew' id find her. Sadly I was wrong
IBR: International Child abduction is a growing problem, particularly given the ease of international travel. There certainly seems to be many organizations designed to assist parents searching for their child, what's your experience, if any, with these organizations?
Gary Mulgrew: I work a lot with reunite, which deals specifically with parental abductions. They have been fantastic although there resources are limited and the problem is a growing one as multi-cultural marriages increase. I have liaised with the U.K and U.S governments quite a bit as well with mixed results.
The most disappointing of all have been the U.K police who have been useless. They would help me more if my car was missing rather than my daughter and they have been a hindrance if anything. Largely though the search comes from my own efforts and resources.
IBR: In a lot of ways the book portrays a man who's is quite accepting of his position, it in no way seems overly bitter, or a story of a betrayal, you seem like a man who had come to term with your circumstance, is that a fair assessment?
Gary Mulgrew : Yes. I'm not bitter. I don't want anger to get the better of me or to poison me so I try to let it go. At all times through my journey I could still count my many many blessings
IBR: What's your life like now, I am assuming you aren’t working for a bank?
Gary Mulgrew : Ha ha ha! No - I can't imagine any would employ me. I work as a consultant to a few businesses I also invest in. My bankers are still Natwest - amazingly they've lent my businesses more than I was supposed to have stolen from them in the first place. They're a very loyal bank!!!
IBR: Did it surprise you that there weren’t any individual prosecutions after the 2008 Financial crisis, given the tenacity of the US Justice Departments pursuit of you?
Gary Mulgrew : Yes and no. I think its generally accepted now that the behaviour of the Enron task force was appalling - clear judicial over-reach -that ultimately damaged the reputation of the U.S attorneys office and their pursuit of financial crimes. However the extent of the abuse that led to the crisis in 2008 should have led to numerous prosecutions. It's difficult to understand why that hasn't happened
IBR: After the 80’s savings and loan bust over 1000 people were charged and over 100 company officers served prison terms. Do you think that the experience litigating the Natwest Three shaped or influenced the SEC's strategy of going after the institution rather than the individuals in the wake of the 2008 GFC?
Gary Mulgrew: I think David Bermingham's excellent book 'A Price To Pay' gives a great insight into why the Natwest three were pursued. The simple truth is there is much more money in going after institutions. However, it hardly acts as a deterrent to individuals if corporates take the wrap
IBR: You mentioned in the book that one of the US Justice agents sent to accompany you back to the US was reading "The Smartest Guys In The Room" with earmarked pages where it mentioned the Natwest Three. It begs the question have you read it, and was it surprising to you as it was to everyone else?
Gary Mulgrew: Yes I've read it but probably have a different opinion of it than most people. It was supposed to be an objective assessment of what happened but the author ended up marrying the head of the Enron task force so I think its reasonable to assume what their main source was and what slant they would take. I'm depicted as someone with a rich background when I came originally from a children's home and grew up in significant poverty. I think that's a good illustration of the level of research and objectivity in the book. I think it's what the government and the prosecutors - who almost entirely forged lucrative private law careers after the success of the 'Enron' case - wanted people to believe. Not a fan!
IBR: It seems that you dealt with Fastow a lot during your tenure in the US, and seemingly you had some relationship - was he really that charismatic and confident villain that everyone made him out to be?
Gary Mulgrew : I never thought of him as a villain and I liked him. He was very bright, much smarter than me and that always worried me!! He was driven and ambitious but like all of us his confidence had an element of fragility. I found it very difficult to accept that he had behaved in the way he had even when the evidence became overwhelming. Even then when questioned about the Natwest 3 he always told the truth and maintained that we had no idea that he was doing something illegal. That was despite the enormous pressure he was under to blame everyone and anyone the same way Michael Kopper had done to in order to get a much-reduced sentence. Ultimately I was so disappointed when I saw some of the things he did but I still respect the fact he didn't lie about me or David or Giles.
IBR: As you speak the same language, are staunch allies, and share the same democratic values as America, people sometimes assume that America, Americans and the English are very much the same. You have seen it up close and personal from both sides of the divide - how different are the two cultures and systems?
Gary Mulgrew: There are more similarities than differences. I love the United States - the country, its people, what it stands for. But I think its judicial system is dreadful, flawed from top to bottom. The TV does a great job of depicting it like 'Law & Order' or 'CSI Miami' - with people striving to find the right answers, but the reality is very different. I think the U.S excels in so many areas but I don't understand why it has to incarcerate so many people (2.3 million and counting). I think Americans deserve better.
IBR: Do you want to write another book? And if so is it going to be about the prequel to your incarceration experience or something very different, if at all?
Gary Mulgrew : It's going to be something different - a fictional tale about three brothers living in a children's home in Scotland until two of them are shipped off to Canada and how their lives are shaped thereafter. The U.K sent almost 100,000 'orphans' to Canada from the late 1800's till the 1960's and some of the stories are amazing. Quarriers homes -where I was with my two brothers -sent 7000 children alone, often separating siblings and sending children as young as three years old. It will be my first entry into fiction although there will a strong factual framework to it. I'm excited about it
The original intention was always to continue from the first book and to write 'gang of one, 2' and maybe someday I will. I was in 4 more prisons in America then two in the U.K and some of the stories were incredible, but I had always imagined finishing that book at the moment Cara Katrina walked down some stairs and we were reunited again. Since I haven't found her it feels the journey and therefore the story still hasn't reached its natural conclusion.
Publications:
Gary Mulgrew (January 24, 2012). 'Gang of One'.
Hodder.
Links:
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