Lay Indicted In Enron

[Annie]

http://story.news.yahoo.com/news?tmpl=story&u=/ap/20040707/ap_on_bi_ge/enron_lay_3

Excerpt:

Sources: Lay Indicted in Enron's Collapse

13 minutes ago Add Business - AP to My Yahoo!


By KRISTEN HAYS, AP Business Writer

HOUSTON - Former Enron Corp. chairman and CEO Kenneth Lay has been indicted on criminal charges related to the energy company's collapse, sources close to the case told The Associated Press on Wednesday.

Lay, the company's founder, was expected to surrender to federal authorities Thursday, the sources said, speaking on condition of anonymity. Two sources said the indictment against Lay, 62, was expected to be unsealed upon or shortly after his surrender to the FBI (news - web sites).

Prosecutors from the Justice Department (news - web sites)'s Enron Task Force presented an indictment to U.S. Magistrate Judge Mary Milloy in Houston on Wednesday. At their request, the judge sealed both the indictment and an arrest warrant.

A hearing before Milloy was scheduled for late Thursday morning.

Lay has consistently maintained his innocence of any wrongdoing.

Enron, once No. 7 on the Fortune 500, had more than 20,000 employees worldwide before the company imploded nearly three years ago amid revelations of hidden debt, inflated profits and accounting tricks.....

 

[NATO AIR]

my heart aches

 

[freeandfun1]

Good. Now Ken will not be an issue during the campaign!

 

[nycflasher]

Originally posted by freeandfun1
Good. Now Ken will not be an issue during the campaign!

He was just some Ann Richards supporter...

 

[freeandfun1]

Originally posted by nycflasher
He was just some Ann Richards supporter...

Not sure what that was supposed to mean.

Enron donated MILLIONS to both parties. Granted, the GOP got more from them, but why not; they are the party in power and that is typically how the game works. You seem to forget that the bad dealings of Ken and company OCCURRED during the Clinton years. They just were not EXPOSED until the Bush years. So who, can it be said, did more? Bush as far as I can tell.

Clinton let the corporations run amok and it has come back to bite all Americans in the ass. EVERY corporate bigwig under indictment are under indictment for scandals that they perpetuated during the 90's. Who was supposed to be watching out for the "little guys" then? Well, the dems and they weren't. But hell, their rants against "big business" do sound good in a sound bites even if they don't mean a damn thing.

 

[nycflasher]

Originally posted by freeandfun1
Not sure what that was supposed to mean.

Just saying that it could be more of an issue than you think.

...

Lay was a close adviser and fund-raiser for President Bush and his father, earning him the presidential nickname of "Kenny Boy." Enron contributed $300,000 to the current president's inauguration celebration.

At one point, Lay had even been considered a contender to become Treasury or Energy secretary in the Bush administration. He is thought to have been one of many energy executives who spoke with Vice President Dick Cheney in a still-secret process to craft a national energy policy in the spring of 2001.

...
http://cbs.marketwatch.com/news/story.asp?guid={98954...

 

[freeandfun1]

and, when did his corrupted acts occur? and during that time how much did he/Enron donate to the DNC?

And your point is?

 

[nycflasher]

some interesting links:

A Chronology of Enron Corp.
7/7/2004 7:58:00 PM

Jul 07, 2004 (AP Online via COMTEX) -- A chronology of Enron Corp.:

1985 - Houston Natural Gas merges with InterNorth to form Enron.

1989 - Enron begins trading natural gas commodities.

December 2000 - Enron announces that president and chief operating officer Jeffrey Skilling will take over as chief executive from Kenneth Lay in February. Lay will remain as chairman. Stock hits 52-week high of $84.87.

August 2001 - Skilling resigns after six months; Lay named CEO again.

Oct. 16 - Enron reports $638 million third-quarter loss and discloses $1.2 billion reduction in the value of shareholders' stake in the company, partly related to a web of partnerships run by chief financial officer Andrew Fastow that had helped the company inflate profits and hide debt.

Oct. 22 - Enron acknowledges Securities and Exchange Commission inquiry.

Oct. 24 - Enron ousts Fastow.

Oct. 31 - Enron announces SEC inquiry has been upgraded to a formal investigation.

Nov. 8 - Enron revises financial statements for previous five years to account for $586 million in losses.

Nov. 28 - Enron stock plunges below $1 and questions about its finances mount.

Dec. 2 - Enron files for Chapter 11 bankruptcy.

2002

Jan. 9 - Justice Department confirms it has begun a criminal investigation.

Jan. 23 - Lay resigns as chairman and CEO.

Feb. 7 - Fastow and former top aide Michael Kopper invoke the Fifth Amendment before Congress; Skilling testifies, saying he knew of no problems at Enron when he resigned.

March 14 - Former Enron auditor Arthur Andersen LLP indicted for destroying Enron-related documents.

June 15 - Andersen convicted of obstruction.

Oct. 16 - Andersen sentenced to probation and fined $500,000; firm was already banned from auditing public companies and had only a few hundred employees left after its conviction.

Oct. 31 - Fastow indicted on 78 charges of conspiracy, fraud, money laundering and other counts.

2003

March 19 - Enron announces plan to emerge from bankruptcy as two separate companies.

May 1 - Andrew Fastow's wife, Lea, and seven former executives charged. Lea Fastow accused of participating in some of husband's deals.

July 11 - Enron files reorganization plan that says most creditors will get about one-fifth of the $67 billion they are owed.

Sept. 10 - Former Enron treasurer Ben Glisan Jr. pleads guilty to conspiracy, becomes first former Enron executive put behind bars - for a five-year sentence.

2004

Jan. 14 - Andrew Fastow pleads guilty to conspiracy in a deal that called for a 10-year sentence and his help in the continuing investigation. Lea Fastow pleads guilty to filing false tax forms in a deal that calls for a five-month sentence and a year of supervised release.

Jan. 22 - Former chief accountant Richard Causey pleads innocent to conspiracy and fraud charges.

Feb. 19 - Skilling indicted, pleads innocent to 35 counts accusing him of widespread schemes to mislead government regulators and investors about the company's earnings.

April 7 - Lea Fastow withdraws a plea agreement after a federal judge balks at a sentencing deal.

May 6 - Lea Fastow pleads guilty to a reduced charge of filing a false tax form, a misdemeanor, and is sentenced to one year in a federal prison, the maximum sentence.

July 7 - Sealed indictment against Lay handed up, sources close to the case say; Lay expected to surrender to FBI and appear before a U.S. magistrate July 8.

source

Plus, Ken Lay's donations 1983-present:

http://www.newsmeat.com/fec/bystate_detail.php?st=TX&last=Lay&first=Kenneth

 

[freeandfun1]

Did you click on my link? The one you posted is biased. I see they left off the $100,000 DNC donations made by Enron/Lay. I also see they left off the donations to Clinton.

Again, as soon as Bush took office, Ken Lay started having problems. All the "bad stuff" was done while Clinton and co was in charge. Why do you conveniently ignore that FACT?

 

[freeandfun1]

NYC you can't defend your position any longer can you?

Which part of the story the link went to got ya? Was it this one??

So this is the Enron record: they sold out their own stock-holding employees; bought big into the Global Warming myth to get taxpayer handouts; and gave most of their money to Republicans when they were getting all that favoritism and taxpayer money from the Democrats. Is it any wonder this company collapsed.

 

[fuzzykitten99]

Originally posted by nycflasher
some interesting links:

A Chronology of Enron Corp.
7/7/2004 7:58:00 PM

1989 - Enron begins trading natural gas commodities.

December 2000 - Enron announces that president and chief operating officer Jeffrey Skilling will take over as chief executive from Kenneth Lay in February. Lay will remain as chairman. Stock hits 52-week high of $84.87....

I notice there is a BIG gap in your little history...it goes from 1989 to 2000...that's pretty bad story telling. You pick up the same year Bush was elected, completely missing the Clinton years. Please tell us the WHOLE story.


Liberal news sources

 

[freeandfun1]

he scuttled off like a chicken-hawk once presented with a valid counter to his rhetoric. Typical.

 

[JIHADTHIS]

Originally posted by freeandfun1
he scuttled off like a chicken-hawk once presented with a valid counter to his rhetoric. Typical.

Typical of Flasher. Hit and Run posts, no valid arguement most of the time.........:fifty:

 

[NATO AIR]

we should all just celebrate that a fricken thief is gonna get his finally, and hopefully the same bastards at worldcom and tyco and all these other corporate criminals who ruined people's lives will get theirs too... if you bring politics into it, it only gets messier than it needs to be and folks get confused about guilt or innocence.

its pretty damn clear-cut right now, we'll see for sure when the evidence is unveiled in court.

 

[Bullypulpit]

"Kenny Boy" was the all time champion contirbutor to Dubbyuh's political warchest going alll the way back to Texas. That Dubbyuh's leaving him to swing in the wind show's what a back-stabbing little shit he really is.

When Dubbyuh's indicted, we'll see how long it takes his supporters to jump ship like the rats they are.

 

[CSM]

You must be psychic. I have heard no plans for the indictment of the current President. Do you have some inside information, perhaps?

 

[nycflasher]

This link is for you, Californians: Cuffed

And for my Connecticut brethren as well...

And everyone else.

 

[fuzzykitten99]

Hey Flasher..do you plan on answer my question: Why do you skip from 1989 to 2000 in your little history report? Are you afraid to post ALL the facts, for fear it will contradict what you are trying to portray?

 

[nycflasher]

Originally posted by fuzzykitten99
Hey Flasher..do you plan on answer my question: Why do you skip from 1989 to 2000 in your little history report? Are you afraid to post ALL the facts, for fear it will contradict what you are trying to portray?

It wasn't MY report. Just one I came across online. Good of you to point out the gap.

I'm not portraying anything by posting that, except chronology.

Yeah, I'm afraid.

 

[freeandfun1]

Originally posted by fuzzykitten99
Hey Flasher..do you plan on answer my question: Why do you skip from 1989 to 2000 in your little history report? Are you afraid to post ALL the facts, for fear it will contradict what you are trying to portray?

He also ignored the link I provided showing the Clinton admin's direct quid pr quo (power plant in India for direct donation). Shows a bit of bias as far as I am concerned. Also, if you are going to post something, don't you think you should verify first that it supports you? I guess NYC doesn't care about FACTS. He is a typical lefty that only cares about RHETORIC!