Word: laying
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...lawmakers and staff members preparing questions for Lay wonder how he is going to explain away all the evidence to the contrary. Lay's claim of ignorance is "as implausible as imagining that Richard Nixon did not know what was being done by his staff at Watergate," says David Beim, a professor of economics and finance at Columbia University Business School...
...enough, surely, to satisfy members of Congress. An army of legislators, lawyers and federal agents is bearing down on Lay with the threat of both civil and criminal charges. They all want to know why he seemed to be touting Enron stock and simultaneously selling his own shares--while knowing that the firm he had turned from a staid pipeline operator into an innovative energy-trading giant was imploding. Investigators for plaintiff lawyers tell TIME they are looking into allegations that investment bankers helped top executives like Lay and former CEO Jeffrey Skilling (who is also supposed...
...Lay's dubious defense strategy was foreshadowed by his wife Linda in an ill-conceived appearance last week on NBC's Today show. She claimed that her husband was hoodwinked by nefarious underlings and that the proof of his innocence is that he and his family are now near bankruptcy. "If those people had come back to him and told him there was anything wrong, he would have stopped it and fixed it," Linda Lay declared. "There's nothing left. Everything we had mostly was in Enron stock...
When he appears before the Senate Commerce Committee, Lay is expected to argue, as his wife did, that he relied on the counsel of legal and financial experts, who told him there was nothing illicit or unethical about hiding billions of dollars of Enron's debts in off-balance sheet partnerships that ended up inflating the company's reported earnings. To prove his point--and show how much he believed in the company until the bitter end--the man who has collected some $200 million in compensation over the past three years will try to explain...
...Lay knew all along about the possible ethical conflicts posed by the involvement of Enron chief financial officer Andrew Fastow in off-the-books partnerships with shell corporations, according to a confidential study conducted at Lay's request by the Houston law firm Vinson & Elkins. On Nov. 5, 1997, as first reported by the Wall Street Journal, the executive committee of Enron's board voted to provide hundreds of millions of dollars in loan guarantees to a partnership known as Chewco. Then, in June and November of 1999, the board waived the company's ethics code to allow Fastow...