Idiot CEO as Defendent
Former Enron CEO Ken Lay today in court said that he and right hand person Jeffrey Skilling did nothing wrong at Enron, and that, instead, he was a hard worker who enjoyed great financial success, only to find himself somewhere he never thought he would be — on trial in a federal courtroom.
Lay doesn't get it. Lay repaid more than $70 million in company loans with Enron stock throughout 2001. He had used Enron stock as collateral for personal bank loans, but had to use that stock to repay the loans because banks issued margin calls as the company's share price fell.
He didn't tell his fellow Enron employees of those sales, however, as he encouraged them to buy more stock in the company, even up to September 2001. He was alos behind the decision not to let employees sell their stock for a 30-day period in the fall of 2001.
Even if you are to buy his defense -- that he was completely clueless about the rogue accounting practices and other violations going on while he was CEO -- there's no getting around the fact that he was making sure his personal financial house was in order while others saw their life savings disappear. And, if that isn't technically criminal, it does deserve a special circle in hell.
Lay doesn't get it. Lay repaid more than $70 million in company loans with Enron stock throughout 2001. He had used Enron stock as collateral for personal bank loans, but had to use that stock to repay the loans because banks issued margin calls as the company's share price fell.
He didn't tell his fellow Enron employees of those sales, however, as he encouraged them to buy more stock in the company, even up to September 2001. He was alos behind the decision not to let employees sell their stock for a 30-day period in the fall of 2001.
Even if you are to buy his defense -- that he was completely clueless about the rogue accounting practices and other violations going on while he was CEO -- there's no getting around the fact that he was making sure his personal financial house was in order while others saw their life savings disappear. And, if that isn't technically criminal, it does deserve a special circle in hell.
posted by Rod Carveth at 8:22 AM
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