Kenny Boy needs help quick!

[Nords]

Business Week has one of the better articles, but there's wide coverage of an event where Ken Lay has been shooting off his mouth again yesterday.

It turns out that "Lay portrayed himself as a martyr persecuted by overzealous federal prosecutors more intent on getting a conviction than seeking the truth. He said prosecutors were engaged in a 'wave of terror,' intimidating potential witnesses who could clear his name and prove that Enron 'was a real company, a substantial company, an honest company.' Lay urged Enron employees to 'stand up' and be 'truthsayers.'"

Even more incredibly, "'Enron's bankruptcy was caused by liquidity problems, not by solvency problems. The company's on- and off-balance-sheet assets exceeded its liabilities by billions of dollars,' he said. Indeed, he claimed that Enron would still be a going concern if investors hadn't panicked."

I'm guessing that next month we're going to see the "temporary insanity" defense. "Temporary" as in, say, approximately 1990 through the end of 2002.

 

[REWahoo]

I'm guessing that next month we're going to see the "temporary insanity" defense. "Temporary" as in, say, approximately 1990 through the end of 2002.

With Mr. Lies Lay's latest pronouncements, I'm guessing you are right with two exceptions: delete "temporary" and any reference to an end date.

 

[SteveR]

...  Lay urged Enron employees to 'stand up' and be 'truthsayers.'"

Sure, the same employees that lost their entire 401k accounts, stock options and jobs due to this lunatic.  I am sure they are going to stand up and speak...we will regret what they will say.  I cannot believe his lawyer has not put a muzzle on him.  But, on the other hand, if his big mouth gets him some jail time then let him talk.  

I have had my share of financial loss due to company management misconduct.  Not as bad as these guys, but the effect was still a huge dip in my retirement accounts and a significant loss in stock options that will never see the light of day.  

 

[maddythebeagle]

Lay's attorney Mike Ramsey says the speech wasn't intended to influence jurors, which have already been selected, since the people attending the luncheon "are too smart to get on a jury that's going to last six months." Rather, Ramsey says, "Our backs are against the wall" in getting witnesses to help with Lay's defense. "We're trying to get Enron employees to speak out."

Wow Nice comment on the jurors.

 

[Mr._johngalt]

Wow Nice comment on the jurors.

Unfortunately, it's probably true. Too bad Ken can't get me on the jury.
I would make sure he walked.

JG

 

[Mr._johngalt]

Sure, the same employees that lost their entire 401k accounts, stock options and jobs due to this lunatic.  I am sure they are going to stand up and speak...we will regret what they will say.  I cannot believe his lawyer has not put a muzzle on him.  But, on the other hand, if his big mouth gets him some jail time then let him talk.  

I have had my share of financial loss due to company management misconduct.  Not as bad as these guys, but the effect was still a huge dip in my retirement accounts and a significant loss in stock options that will never see the light of day.  

Whining is very unattractive.

JG

 

[Mr._johngalt]

Business Week has one of the better articles, but there's wide coverage of an event where Ken Lay has been shooting off his mouth again yesterday.

It turns out that "Lay portrayed himself as a martyr persecuted by overzealous federal prosecutors more intent on getting a conviction than seeking the truth. He said prosecutors were engaged in a 'wave of terror,' intimidating potential witnesses who could clear his name and prove that Enron 'was a real company, a substantial company, an honest company.'  Lay urged Enron employees to 'stand up' and be 'truthsayers.'"

Even more incredibly, "'Enron's bankruptcy was caused by liquidity problems, not by solvency problems. The company's on- and off-balance-sheet assets exceeded its liabilities by billions of dollars,' he said. Indeed, he claimed that Enron would still be a going concern if investors hadn't panicked."

I'm guessing that next month we're going to see the "temporary insanity" defense.  "Temporary" as in, say, approximately 1990 through the end of 2002.

Let me "lay" this to rest. Ken Lay is a scapegoat. His arguments make sense to me
and remember,,,,,,,,,,I have been there. Maybe not anything the size of Enron, but
I believe him, and even if I did not..................I would still turn him loose. Let the
"authorities" (clueless as they may be) go after the "real " criminals. The ENRON
employees, stockholders, and any leftist PC do-gooders should STFU
and get on with their lives. Beating up Ken Lay will not solve anything.

JG

 

[nwsteve]

Let me "lay" this to rest.  Ken Lay is a scapegoat.  His arguments make sense to me
and remember

JG et al
Lay would like you to believe he is a scapegoat--if he is, it is not because he did not know what was going on and benefiting from it substantially.  Not acting to stop the actions of Skilling and Fastow is tatamount to conspiracy with them.
IMHO Lay is going to have to have to mount a successful "stupidity" defense rather than insanity.  I find it very disengeous to claim as CEO he did not know what his CFO was doing.  That all the AA auditors were too intimidated to let him know that his "crew" was drilling holes in the ENRON boat.  Remember this is the same guy that masterminded a similar set of scams in NY in the early 90's. 
Come-on, no one is uninformed as Lay claims he was; ever gets and keeps the top job as long as he did. Very hard IMHO for him to  be credible claiming he did not know Fastow and Skilling were making mana out of air.
Personally I think best thing for Lay, Skilling and Fastow is for them to spend as much time in jail as their former employees spend working to replace the savings destroyed by these three and their cohorts
nwsteve

 

[laurence]

Galt, do you propose we should just quit whining when somebody breaks into our house? Or is stealiing o.k. when it's done with shady accounting? I figure you are just burnishing your corporation worshipping libertarian credentials with these posts, but come on!

NOTE TO MR. GALT: BAD GUYS SHOULD GO TO JAIL, EVEN IF THEY ARE RICH.

In this thread you manage to insult anyone who does his duty wrt jury duty, countless investors, public servants, and anyone to the left of Attilla the Hun, and then finish off saying you'd happily obstruct justice by throwing the jury regardless of the facts. Congrats "Galt, I think I hear Ayn Rand rolling over in her grave! Did you even read her books?

 

[haha]

Galt, I am going to break my self imposed rule and comment on one of your posts.

You are an idiot.

Ha

 

[education]

Hey John--

Let's see you pony up to put some cash in his legal defense fund!!!!!!!!!

Here in TX I have friends who have been devastated by the Enron mafia. They are crooks of the highest magnitude--because they stole from the people who believed in them.

You have a right to your opinion--but I think it's colored by events in your life that may not come close to what happened in and to Enron.

Professor

 

[cute fuzzy bunny]

Yeah, johnny likes to play that "anything goes in corporate america and rich white people should be held to a lower standard' card.

Any CEO that doesnt know whats going on in his company to the tune of billions of dollars of fraud and that much wealth destruction, along with hosing all their employees or investors is guilty of either absolute idiocy or criminal activity.

Unless the guy makes forrest gump look good, and he doesnt, its that criminal thing.

Of course, if my last name was "Lay" I'd try anything to stay out of prison too...

 

[Nords]

Apparently Rich Causey is trying to decide whether or not to "help" Ken Lay in his own inimitable way.

I suspect that this breaking news was inspired by Lay's recent appeal...

 

[AltaRed]

Add me to the HaHa list of "Galt, you are an idiot".

I've read and seen more than most sitting here in Houston on the Enron fiasco.. and have a good understanding of the industry that Enron plays in. It was an orchestrated Ponzi scheme designed to enrich a small group of insiders. Ken Lay knew very well what was going on, though perhaps not the overall depth of it.

 

[Nords]

Ken Lay knew very well what was going on, though perhaps not the overall depth of it.

He was too busy screwing up his own finances.

Kurt Eichenwald quoted one Enron advisor to Lay saying that he'd either go down as the meanest, nastiest CEO in history-- or the stupidest.