Word: fastow
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...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...
...prosecution's task with Skilling - and next week with Lay - is to cast doubt on their contention that they were unaware of the financial shenanigans of ex-CFO Andrew Fastow and his financial Team. How could Skilling, the man who testified he "bled Enron blue" and was involved in all major strategic decisions, not know that his lieutenants were manufacturing the numbers? In court he claimed he didn't know he had a responsibility to oversee Fastow's questionable transactions. Yet prosecutors pointed out at least one of the transactions was discussed at a board of directors' finance meeting...
...probably won't turn against each other-they haven't so far-they may well contradict one another. "Both defense attorneys came in and cross-examined with one hand tied behind their back," Androphy says. The problem was most obvious during the testimony of former CFO Andrew Fastow, when Lay's attorneys failed to get him to differentiate between the job responsibilities of the two men. 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...
...ignorance defense has not worked for other board chairmen in trials this past year, Androphy says. He believes that Skilling's defense will argue that all the deals at Enron started off perfectly legit and legal-until people like Fastow, the former chief financial officer, committed crimes-but that all along he believed the company was following the letter...
CLEANING HOUSE In his 2004 plea bargain, ex--Enron CFO Andrew Fastow forfeited $29 million, including his Galveston, Texas, home, which the feds sold for $595,000 last year...