Kenny-boy hasn't lost any of his arrogance. He actually gave a press conference after his arraignment yesterday, and stated that Andrew Fastow "betrayed his trust"...I wonder if he meant while they were cooking the books or now that Fastow is cooperating with authorities.
"My worst mistake was entrusting someone in the chief financial officer job who chose to use that position for his own enrichment," Lay said. "But that's with 20-20 hindsight. I knew nothing at the time that would've given me suspicion as to what was going on."
The indictment uses Lay's own words against him. In particular, it focuses on statements Lay made during the fall of 2001, in which he tried to reassure investors and Enron employees that everything at the company was fine.
“During 2001, with specific knowledge of rapidly deteriorating performances of Enron's business units, Lay made numerous false and misleading public statements about Enron's financial condition," the SEC complaint alleges.
Lay's armor cracked earlier this year when prosecutors reached a plea agreement with Fastow. That led to the indictment of Richard Causey, Enron's former chief accounting officer. Soon after, Skilling was added as a defendant in a superseding indictment. Both Causey and Skilling have pleaded not guilty to the charges.The Street
If you believe him, he was just an innocent lamb led to the slaughter by a bunch of Snidely Whiplash characters below him...wow. I guess these people think it's better to be thought of as an incompetent nincompoop than a shrewd, conniving bast...well, you know.
Lay, once worth $400 million, told The New York Times that he lost most of his riches in the Enron meltdown. His net worth now: $20 million. USA Today