Word: enronize
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...meet former Enron founder Ken Lay in an elevator he's a kind, cordial, grandfatherly guy. But under cross-examination this week in the Enron fraud and conspiracy trial, Lay appeared to be an angry, defiant, defensive man. It was the demeanor people had expected when co-defendant Jeff Skilling testified, not from...
...Jurors swiveled their seats 45 degrees to the left so they could look directly at Lay as he testified about being "on the battlefront" in the final months of Enron before it collapsed under a pile of debt in 2001. Lay blamed Enron's collapse largely on his former CFO Andy Fastow and described a witchhunt to destroy the company led by Wall Street Journal reporters and short sellers...
...Hueston pointed out that Lay's son, Mark L. Lay, was a short seller himself in March 2001. Hueston, famous for having never lost a case, anticipated every answer Lay gave, and promptly displayed documents to rebut them. It was beautifully choreographed. When Lay disputed a statement from former Enron Treasurer Ben Glisan and grumbled that Glisan's story at trial was different from what he said in 2001, Hueston presented a newspaper article dated October 2001 in which Glisan gave an identical statement...
...Prosecutors expect to wrap up their cross-examination of Lay by Monday. In the second day of cross-examination, Hueston emphasized that while Lay was encouraging employees to take advantage of Enron's bargain stock price in fall 2001, Lay himself was selling stock. The shares Lay bought in the fall were publicly reported. But since he sold stock back to the company, the sales did not have to be reported until year-end - after Enron was bankrupt. Because of that, in October 2001, investors thought Lay owned more than double the amount of stock he actually had. Lay testified...
JEFFREY SKILLING, former Enron CEO on trial for conspiring to defraud shareholders, responding to charges that he lied to investors...