Lay to comply with SEC subpoena

[cthrumatrix]

Lay to comply with SEC subpoena
SEC to get 870 pages of Enron-related documents
By Matt Andrejczak, CBS.MarketWatch.com
Last Update: 11:55 AM ET Nov. 7, 2003


WASHINGTON (CBS.MW) -- Ken Lay, Enron's former chairman and chief executive, agreed Friday to fully comply with a Securities and Exchange Commission subpoena, ending a long-standing feud.


By next week, Lay will produce approximately 870 pages of documents that he had withheld, citing his Fifth Amendment right against self-incrimination. His attorneys had contended the papers may be personal in nature.

The SEC and Lay's attorneys struck an agreement late Thursday, ahead of an expected court hearing before U.S. District Judge Royce Lamberth in Washington. The judge rubberstamped the agreement in an order issued earlier Friday.

The SEC is expected to receive Enron (ENRNQ: news, chart, profile)memoranda, letters, position papers, draft speeches, and documents bearing Lay's handwriting and annotations.

Last week, agency officials blasted Lay for producing the same documents to Enron's court-appointed bankruptcy examiner under a confidentiality agreement.

The SEC has been investigating what Lay knew of Enron's fraudulent activities that preceded the December 2001 bankruptcy of the Houston-based energy trader (ENRNQ: news, chart, profile). Lay hasn't been charged with any wrongdoing by the SEC or the Justice Department.

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http://cbs.marketwatch.com/news/print_story.asp?print=1&guid={72E0E6FF-F85D-4F28-BE76-09BF6022F92A}&siteid=mktw

[realFedUp]

1. so that means the SEC has to piece together what's been shredded?

Yeah, right.

[DUreader]

2. "The SEC and Lay's attorneys struck an agreement"

I'd like to know all the details of this

[Cocoa]

3. I don't get why Lay gets to negotiate with the govt.

why can't they sieze what the court ordered by force?

[truthspeaker]

5. because he's mega-rich and a shrubya campaign donor

I wonder what would happen to me if I refused to hand over subpeonaed documents. "Sorry, officer, but I'm not going to show you all these emails from my alleged drug dealer." My ass would be in jail is what would happen.

[tom_paine]

4. I don't buy it.

You can be 100% sure that nothing of substance will be in those documents.

No Bushevik Capo is going to jail.

[Don_G]

6. I Wonder If Fastow's Wife Had Something To Do With It?

His wife is plea bargaining for a 5-month Federal sentance.

Link: http://www.chron.com/cs/CDA/ssistory.mpl/business/2206441

[DUreader]

7. kick