Word: laying
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...trader, Jim Schwieger, challenged Lay. Why, he asked, was chief financial officer Andrew Fastow sharing the stage--and gainfully employed--considering that he had just blown half a billion dollars mismanaging several Enron partnerships and earned $30 million doing it? Lay put his arm around Fastow and proclaimed his "unequivocal trust" in the CFO. The partnership accounting was complex stuff, Lay explained, but Fastow was on top of it--or he'd be in big trouble. A day after that buddy-buddy display, Fastow was history...
...failure last week. But he declined to testify, citing his Fifth Amendment right against self-incrimination. Says his spokesman, Gordon Andrew: "Our position remains that Mr. Fastow acted with the full knowledge and approval of Enron's board of directors, its office of the chairman, which included Mr. Lay and Mr. Skilling, and its internal and external auditors and legal advisers." His former boss, Jeffrey Skilling, who quit as Enron CEO last August, had no such hesitation, insisting to his incredulous interrogators that things had gone swimmingly on his watch...
...trombone and tennis on the side. Most Enron employees didn't know who he was until relatively recently. As head of Enron Capital Management--his job in 1997 and '98, when he was named CFO--he wielded his power across a very narrow band. In contrast to the avuncular Lay and the brilliant Skilling, Fastow was a PowerPoint executive whose number-crunching talent far exceeded his managerial and people skills. Indeed, when Fastow was charged with running an actual business--he was named managing director of Enron Energy Services in 1996--he botched it, and Skilling had to reel...
...sell energy contracts to impress visiting Wall Street analysts. As the analysts trooped through, the Enron employees, who had hurriedly outfitted their new work spaces with family photos and other personal items, conducted fake phone conversations and tried to appear busy. When the tour ended, former CEO Ken Lay reportedly returned to compliment the employees on their performance and explain that it was important that the analysts believe the trading unit was well organized so the company would earn a favorable credit rating...
...might also lay to rest any debate over the benefits of mammography; in the final analysis, early detection is only as good as the treatments that follow. You want to know which women's lives will be saved by surgery, radiation, chemotherapy or hormone treatment. Otherwise, you risk doing more harm than good...