Lies..lies..it's all lies I tell ya!... I did nothing wrong.

[zenith-nadir]

Mon Apr 24, 8:04 PM ET (http://news.yahoo.com/s/ap/20060425/ap_on_bi_ge/enron_trial_16)

HOUSTON - Enron Corp. founder Kenneth Lay declared his innocence Monday on the witness stand, somberly saying the company's legacy of lost jobs and wrecked retirement savings pained him even more than the loss of a loved one.

Lay blamed the implosion of Enron, once the nation's seventh-largest company, on a series of devastating circumstances that included theft by the chief financial officer, negative press, a bear market and investor anxiety after the Sept. 11 attacks.

"I don't think there ever was a conspiracy of any kind," he said.

He explicitly denied committing fraud, participating in a criminal conspiracy or knowingly misleading investors and employees about the health of the company.The CFO did it...the press did it....investor anxiety did it... But me?..I didn't do anything.

For 16 years I went to work every day at Enron, was paid $6 million a year, had a Ph.D. Masters and B.A. in economics, yet somehow, despite all of this, I didn't know anything fishy was going on. :rolleyes:

Who does he think we are? Complete imbeciles?

[Mojo]

He added: “I accept full responsibility for everything that happened at Enron. Having said that, I can’t take responsibility for illegal acts that I had no knowledge of.”http://www.timesonline.co.uk/article/0,,200-2150118,00.html

Right. He accepts full responsibility for anything that wasn't illegal...

[Mycroft]

Who does he think we are? Complete imbeciles?

Looks that way.

[brodski]

Ah the "big boys did it, then ran away" defence. Seeing as he was so uninvolved with the actual running of Enron, will he be returning all remuneration he ever received from his work there? Unless he is admitting to having defrauded Enron to the tune of $6 million p.a.

[BPSCG]

Who does he think we are? Complete imbeciles?Worked for O.J.

[zenith-nadir]

Ah the "big boys did it, then ran away" defence.It's the CEO Elmer Fudd defense... "Eventhough I made $217 million in profits by dumping shares I'm innocent and had no idea such a massive fraud was taking place right under my nose."

[The Central Scrutinizer]

Who does he think we are? Complete imbeciles?

Yes. They are counting on it. Can you say "OJ jury"?

[Ian Osborne]

Did anyone else read the title and assume ZN had returned after a suspension? :D

[zenith-nadir]

Did anyone else read the title and assume ZN had returned after a suspension? :D:D Funny.

Alas, I have yet to be suspended by the Admins, contrary to my reputation. :p

[shemp]

:D Funny.

Alas, I have yet to be suspended by the Admins, contrary to my reputation. :p

You just haven't tried hard enough. Slacker!

[zenith-nadir]

You just haven't tried hard enough. Slacker!The constant references to my alleged suspension is "Lies..lies..it's all lies I tell ya!... I did nothing wrong." ;)

[Crossbow]

Did anyone else read the title and assume ZN had returned after a suspension? :D

Actually, when I first saw the thread title, I thought something like "This would make a good title for a thread about Kenneth Lay".

It has amazed me that the person who is supposed to be running the company and is supposed to know (or at least be able to find out) everything about the company is now claiming that he should not be blamed for the bad stuff that happened because he did not know what was happening at the company that he was running, plus fears raised by some articles in the New York Times, plus the short-sellers who were depressing the price of the stock.

He may not have been able to influence the New York Times or the stock sellers, but at least he should have done the job he was being very, very well paid to do.

If this defense works, then I suppose that future bosses will be rather motivated to be poor bosses as well in order to avoid future prosecutions when millions and millions of dollars show up as being lost and/or stolen.

Ugh!

[zenith-nadir]

It has amazed me that the person who is supposed to be running the company...For 16 years!

...and is supposed to know (or at least be able to find out) everything about the company...As CEO and chairman of Enron from 1986 until 2002, and with a doctorate in economics he claims he knew nothing. :D

I can't wait until Kenny boy is under cross examination and he has to explain how after 16 years and with a doctorate in economics he knew nothing. Boy that'll be fun.

[hgc]

Ken Lay is plenty smart. He was smart enough to remain just aloof enough from the dirty dealings to probably slip the noose. He'll be acquitted not because the jury is dumb, but because the prosecution doesn't really have a strong case. And he's as guilty as sin.

[BryanLower]

Bernie Ebbers tried this, too. I worked for Worldcom while that whole debacle was happening. Fun times. :) But the defense didn't work for Bernie, and I don't think it would work for *any* CEO. As the chief executive, it is their responsibility to know what is going on. And if the CFO is doing something under the table, the CEO must make himself aware of it. If he allows fraud to take place under his nose without being at least a little suspicious of the activities of his underlings, than he is incompetent.

It's a tough job, but that's why they pay them the big bucks.

[hgc]

Bernie Ebbers tried this, too. I worked for Worldcom while that whole debacle was happening. Fun times. :) But the defense didn't work for Bernie, and I don't think it would work for *any* CEO. As the chief executive, it is their responsibility to know what is going on. And if the CFO is doing something under the table, the CEO must make himself aware of it. If he allows fraud to take place under his nose without being at least a little suspicious of the activities of his underlings, than he is incompetent.

It's a tough job, but that's why they pay them the big bucks.There was way more smoke coming from Ebbers' gun than from Lay's. Being responsible and being criminally responsible don't always mean the same thing. Though as a result of these scandals, various laws and regulations are pushing the two concepts a little closer together.

[shemp]

As the chief executive, it is their responsibility to know what is going on.

Why, for Ken Lay to make such claims, it's as if President Bush claimed that he didn't know anything about leaks that he personally authorized. Preposterous! It could never happen!