|
|
25 Apr 2006
Ken Lay, the founder and former chief of Enron, claimed the collapse of the
energy company was primarily due to the actions of jailed ex-finance chief
Andrew Fastow.
Testifying at his, and fellow former boss, Jeff Skilling’s fraud trial, Lay told
the Houston court that the two biggest mistakes he made at Enron was hiring
Andrew Fastow and then promoting him to chief financial officer.
Lay claimed the collapse of his company has been ‘incredibly painful’ and called Fastow ‘a liar and a thief’ - in response to earlier testimony given by Fastow implicating Lay and Skilling in the accounting scandal that led to the multi-billion dollar demise of Enron.
Lay faces six counts of fraud and conspiracy, while Skilling faces 28 criminal counts of conspiracy, fraud, lying to auditors and insider trading.
Both men deny any wrongdoing
You may also like
Search thousands of financial jobs:
Search thousands of financial jobs:
Careers
Search for jobs
Click to search our database of all the latest accountancy roles
Create a profile
Click to set up your profile and let the best recruiters find you
Jobs by email
Sign up to receive regular updates with the latest roles suitable for you
Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
Visitor comments Add your comment