Lay Takes Stand at Bank Fraud Trial

[tuvor]

Enron Corp. founder Kenneth Lay acknowledged Monday he violated federal rules covering loan agreements when he purchased stock with the loan money but said he never intended the actions to be fraudulent.

"Clearly we were not in compliance in different investments and different paybacks," Lay said, taking the witness stand in his own defense at a bank fraud trial involving his personal banking.

"Ultimately, it's my responsibility. I regret I did not have more time to spend on my personal matters and perhaps this is one of the consequences of that."

He said documents for his signature routinely were handed to him by his assistants and after reviews by lawyers whom he believed "were doing in good faith and doing the best job they could with the information they had."

http://news.yahoo.com/s/ap/lay_bank_fraud

(I don't imagine the jury will get to hear about this.)

[Sadie5]

1. Poor Lay???

Duped by all of these evil people. Lay must be a walking brainless zombie to be taken in so easily. It has to be orange jumpsuits for Lay and Skilling, nothing else will do.

[acmavm]

2. His defense is "Yeah I did it but its not my fault, I'm a busy guy"????

[Tansy_Gold]

5. Busy doing what?

He wasn't running Enron -- didn't he use that as his defense in that trial, that he wasn't exactly a hands-on CEO? Or was that Skilling?

One of the notions pounded into my little head during a cheesy community college business law class about 30 years ago was "You can delegate authority but you can't delegate responsibility." I guess they were wrong, huh?


I know it will never happen, but I want these assholes in jail. And I want all their ill-gotten loot stripped from them, too.



Tansy Gold, dreaming. . . .

[noel adamson]

3. I thought the headline meant he stole the stand...

...would have made more sense that his stated defense.

[goforit]

4. Bla,bla, bla bla......