Apotheosis
12-13-2005, 04:21 PM
Ex-Enron chief Lay blasts prosecutors, Fastow
By Matt Daily
HOUSTON (Reuters) - Former Enron Corp. Chairman Ken Lay on Tuesday said he was the victim of a "wave of terror" by prosecutors and blamed his former chief financial officer for the energy company's spectacular downfall.
In a preview of his defense at his criminal trial next month, Lay, in a speech to a Houston group, said he was only to blame for trusting Andrew Fastow, Enron's CFO, who has pleaded guilty to charges and will be the government's key witness against Lay and co-defendants.
"We did trust Andy Fastow, and sadly, tragically, that trust turned out to be misplaced," Lay said.
Lay, former Chief Executive Jeffrey Skilling and former Chief Accounting Officer Richard Causey will face criminal trial in January for charges brought in the aftermath of the collapse of the world's largest energy trader.
Lay also took aim at the Department of Justice's Enron Task Force, which he said launched a special investigation against him even before there was evidence of any crimes.
"In this trial, apparently unlike most criminal defense cases, defendants are trying to get the truth in, and the prosecutors, the Enron Task Force, are trying to keep it out," he said.
Lay called on former Enron employees to help him in presenting the truth about Enron. "Whether it (truth) will continue to be submerged by a wave of terror by the Enron Task Force will be determined by former Enron employees."
Enron filed for bankruptcy in 2001 after the company's use of off-balance sheet accounts to hide tens of billions of dollars in debt was revealed.
The company emerged from bankruptcy late last year and is currently disposing of its remaining assets to pay back creditors, who are expected to receive only a tiny fraction of what they are owed.
Lay faces seven charges for conspiracy and fraud.
He will face a separate trial in which he is accused of illegally using bank loans to buy Enron stock.
>>>
I cannot believe that after a corporate fraud scheme that at the least 1/4 of the employees KNEW about WHILE it was going on, that Ken Lay is acting COMPLETELY ignorant and innocent of the charges.
I say fry these guys instead of Tookie.
[Edited on 12-13-0505 by Yswithe]
By Matt Daily
HOUSTON (Reuters) - Former Enron Corp. Chairman Ken Lay on Tuesday said he was the victim of a "wave of terror" by prosecutors and blamed his former chief financial officer for the energy company's spectacular downfall.
In a preview of his defense at his criminal trial next month, Lay, in a speech to a Houston group, said he was only to blame for trusting Andrew Fastow, Enron's CFO, who has pleaded guilty to charges and will be the government's key witness against Lay and co-defendants.
"We did trust Andy Fastow, and sadly, tragically, that trust turned out to be misplaced," Lay said.
Lay, former Chief Executive Jeffrey Skilling and former Chief Accounting Officer Richard Causey will face criminal trial in January for charges brought in the aftermath of the collapse of the world's largest energy trader.
Lay also took aim at the Department of Justice's Enron Task Force, which he said launched a special investigation against him even before there was evidence of any crimes.
"In this trial, apparently unlike most criminal defense cases, defendants are trying to get the truth in, and the prosecutors, the Enron Task Force, are trying to keep it out," he said.
Lay called on former Enron employees to help him in presenting the truth about Enron. "Whether it (truth) will continue to be submerged by a wave of terror by the Enron Task Force will be determined by former Enron employees."
Enron filed for bankruptcy in 2001 after the company's use of off-balance sheet accounts to hide tens of billions of dollars in debt was revealed.
The company emerged from bankruptcy late last year and is currently disposing of its remaining assets to pay back creditors, who are expected to receive only a tiny fraction of what they are owed.
Lay faces seven charges for conspiracy and fraud.
He will face a separate trial in which he is accused of illegally using bank loans to buy Enron stock.
>>>
I cannot believe that after a corporate fraud scheme that at the least 1/4 of the employees KNEW about WHILE it was going on, that Ken Lay is acting COMPLETELY ignorant and innocent of the charges.
I say fry these guys instead of Tookie.
[Edited on 12-13-0505 by Yswithe]