Word: enronization
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...that the government has rested its case in the Enron fraud and conspiracy trial, those who lost millions in the company's collapse more than four years ago will finally get to hear from the two men at the top-former Chairman Ken Lay and ex-CEO Jeff Skilling. Although the defense plans to call as many as 113 witnesses over the next four to six weeks, both men must now take the stand to clear themselves after weeks of damaging testimony by ex-employees like whistleblower Sherron Watkins. In fact, several of the government's 22 witnesses testified under...
...Even now, it's unclear to observers who did what at the company. "If there were separate trials and Lay were there by himself, he'd be putting Skilling on trial," Androphy says. "Lay would love to blame Skilling for all the evils that occurred at Enron. Skilling was there. He was hands-on. It's not the same for Lay." Lay, however, may turn out to be a better witness, says Houston attorney David Berg, author of The Trial Lawyer: What It Takes to Win. "You're going to see a charm offensive," Berg says. "Jurors give verdicts...
...groundwork for a defense that claims the executives were merely using standard business practices employed by other companies, says Houston attorney and former federal prosecutor Michael Wynne. Most likely, he says, the two executives will argue that they were just trying to save the company and that if Enron had survived, what investors hadn't known wouldn't have hurt them. "That, perhaps, is an explanation, but it's not an excuse-and it's not a license to lie," Wynne says...
...Trial experts predict that Lay's defense, handled by famed attorney Mike Ramsey (who won an acquittal for accused millionaire murderer Robert Durst), will be that he was not aware that Enron was cooking the books. "The problem is, he's a Ph.D. economist," says Wynne. "It's going to be a very hard sell." Plus, says Wynne, if he wasn't involved in the business, why was he drawing such a large salary? "Lay's basic response is, 'I wasn't there. I wasn't around. And I was kept in the dark about what was going on,'" says...
...reported that an “observer” familiar with Harvard said that the University had received calls from “pro-Israel donors” concerned about the KSG paper. One of the calls, the source told The Sun, was from Robert Belfer, a former Enron director who endowed Walt’s professorship when he donated $7.5 million to the Kennedy School’s Center for Science and International Affairs...