Sherron Watkins, the famed Enron accountant who blew the whistle on the
massive financial fraud at the energy giant, has testified that Ken Lay
responded to her warnings of financial fraud in August 2001 by launching a
‘bogus’ investigation and try to have her fired.
Testifying in Houston, prosecutors seized on Watkins’ testimony to build on
their case against the Lay and co-accused former chief, Jeff Skilling.
They alleged that while Watkins was trying to save Enron, Lay was selling off
Enron stock worth millions of dollars to pay off loans.
In a now famous memo on 16 August 2001 Watkins told Lay: ‘It sure looks to
the layman on the street that we are hiding losses in related partnerships and
will compensate that company with Enron stock in the future.’
‘I am incredibly nervous we will implode in a wave of accounting scandals,’
Lay and Skilling have both denied wrongdoing in the collapse of Enron.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements