BusinessCompany NewsLay: I relied on accountants

Lay: I relied on accountants

Former boss claims accountants verified financial results

Testifiying for a third day, Ken Lay, the founder and former boss of Enron
claimed he did not lie about the state of the company’s finances to investors
because he had the results verified by accountants and lawyers.

In response to the six fraud and conspiracy charges against him, Lay
explaining how at each step he believed he was accurately describing the
company’s financial status, based on assurances from Enron’s lawyers and
accountants and using descriptions supplied by Enron’s investor relations staff.

Lay claimed he was ‘reading from a script’ which he would ‘rarely deviate
from it more than a word or two’.

Lay and former CEO Jeffrey Skilling are accused of conspiring to defraud
investors Skilling also faces insider trading charges.

Both deny any wrongdoing.

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