Testifying on his second day on the witness stand, Ken Lay, the founder of
Enron, reiterated claims that he thought Enron’s finances were healthy right up
until the company collapsed in a massive accounting scandal.
Lay, who faces multiple fraud charges in relation to the collapse of the
company, blames former chief financial officer Andrew Fastow – now jailed – for
Government prosecutors have accused Lay of hiding the losses and lying to
boost the company’s share price.
In his testimony, Lay claimed senior executives thought they were a victim of
a ‘witch hunt’ when questions began emerging in the media about Enron:
‘We thought in fact that the Wall Street Journal was on a witch-hunt. We
didn’t have any information that Mr Fastow had done anything inappropriate,’ Lay
Both Lay and fellow accused, Jeff Skilling deny any wrongdoing.
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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