Word: lay
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Today not much is left of the pipeline company that Lay, the preacher's son from Missouri, turned into a high-flying purveyor of wind and water, electricity and energy emissions and, ultimately, hot air. Billionaire investor Warren Buffett now owns the Big E's biggest pipeline. Texan T. Boone Pickens has replaced Enron as the nation's biggest energy trader. A holding company that operated Enron's international assets last week sold off 15 pipelines and power plants, from Bolivia to Turkey...
...jury found that Lay criminally touted the stock even after whistle-blower Sherron Watkins gave him her famous memo in August 2001 warning that Enron's accounting was deeply flawed; Skilling had quit only days before. Both men were found guilty on every charge of fraud and conspiracy in the indictment--six against Lay, 13 against Skilling. While Skilling was acquitted on nine charges of insider trading, he and Lay were also convicted on various other charges involving stock sales and audits. The 64-year-old founder faces up to 165 years of hard time; Skilling, 52, is up against...
...Texas, "but nobody wanted to be a witness." Slowly, the task force's prosecutors turned the screws on the bad guys. But it was early 2004 before they had enough "serious momentum" to indict Skilling. CFO Andrew Fastow and 15 others turned state's evidence in plea deals. Lay was indicted in July...
Attorneys for Skilling and Lay plan to appeal, possibly using the argument that got Enron accountant Arthur Andersen off the hook--the fine points of jury instructions. Like most appeals, that's a long shot. Sentencing for Lay and Skilling is set for September, but with the trial over, 16 other Enron employees who turned state's witness can also be sentenced...
...employees who lost their pensions. "Now we hope to get them an economic victory." Banks like JPMorgan Chase and Citigroup, who financed Enron's schemes with stock and bond offerings, have already agreed to pay $7.3 billion in restitution to shareholders. They're getting nothing from Skilling and Lay, whom the feds are already dunning for more than $150 million. "There's little chance of recovery from them, but most will be satisfied that Skilling and Lay were convicted," says Robin Harrison of Houston, one of the attorneys representing retired employees. "Right to the end, people were concerned they might...