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.)