Ken Lay Indicted, And Fights Back [View All]

[seemslikeadream]

Dan Ackman, 07.08.04, 3:45 PM ET

NEW YORK - The indictment of Kenneth Lay has been long-awaited, but contains almost nothing new. For drama, you had to turn to the highly unusual press conference the former chief executive and chairman of Enron held this afternoon.

The charges unveiled today in Houston are that Lay made or participated in a series of false statements concerning the nature of Enron's finances after he returned to his old CEO post in August 2001, replacing his protégé and co-defendant Jeffrey Skilling, who resigned after just six months on the job.

The indictment lays out 11 charges against Lay in particular among the total of 53 alleged against Skilling and Richard Causey, Enron's former chief accounting officer. It also claims that Lay sold $300 million in Enron (otc: ENRNQ - news - people ) shares between 1998 and 2001, profiting $217 million in addition to receiving $19 million in salary and bonuses. The government alleges that Lay continued to sell $26 million in Enron shares after August 2001, even as he assured employees and the public that he was buying them and that the stock was a bargain.

In addition to conspiracy, wire fraud and securities fraud charges based on his public statements, Lay is charged with bank fraud and making false statements in connection with loans he obtained to buy shares of stock. Lay had claimed the loans would be used for other purposes, the indictment alleges. The close friend of President George W. Bush also faces civil charges filed today by the U.S. Securities and Exchange Commission and the forfeiture of his 33rd floor condo in Houston.
more
http://www.forbes.com/work/2004/07/08/cx_da_0708lay.html

GIVE IT BACK, GEORGE: THE LAY LOOT THAT BOUGHT THE WHITE HOUSE
BUSH AND REPUBLICANS SHOULD GIVE UP ILL-GOTTEN GAINS
BY GREG PALAST
Thursday Jul 8, 2004


When the feds swoop down and cuff racketeers, they also load the vans with all the perp's ill-gotten gains: stacks of cash, BMWs, whatever. Their associates have to cough up the goodies too: lady friends must give up their diamond rocks.
Under the racketeering law, RICO, even before a verdict, anything bought with the proceeds of the crime goes into the public treasury.

But there seems to be special treatment afforded those who loaded up on the 'bennies' of Ken Lay's crimes. If the G-men don't know where the tainted loot is cached, try this address: 1600 Pennsylvania Avenue. Ask for George or Dick.

snip


When I worked as a racketeering investigator for government, nothing
was spared, including houses bought with purloined loot. Let there be
no exception here. It's time to tape up the White House gate and hang
the sign: "Crime Scene: Property to be Confiscated. Vacate Premises
Immediately."


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http://www.gregpalast.com