The Times
From James Doran, Wall Street Correspondent
DAVID WITTIG, the poster boy for the 1980s’ Greed is Good era on Wall Street, faces decades in jail if he is found guilty of looting more than $28 million (£15 million) from Westar Energy, an electricity firm dubbed the Enron of Kansas.
Mr Wittig, who appeared on the cover of Fortune magazine holding a cigar and a fistful of dollars and boasting about the size of his salary as a 31-year-old investment banker, yesterday appeared in court in Kansas charged with 40 counts of fraud and conspiracy.
Douglas Lake, 54, the deputy chief executive of the company, has also been charged.
Although locals call Westar the Enron of Kansas, the case has more in common with the fraud trial under way at Tyco, whose chief executive Dennis Kozlowski is charged with looting $600 million.
Mr Wittig, 49, is accused, among other things, of spending $6.5 million renovating his office — fittings included a $29,000 television cabinet — at the same time as he sacked hundreds of employees to save money.
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