Ken Lay Indicted, And Fights Back

[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."


more
http://www.gregpalast.com

[louis-t]

1. absolutely correct!

[bagnana]

3. what an incredibly greedy bunch these folks are

Can you imagine pocketing 217 million dollars and then screwing your employees out of their retirement (by exhorting them to hold onto their shares) just so that you can sell more stocks for an additional 24?

[seemslikeadream]

11. Have you ever wanted to be rich beyond your wildess dreams?

http://larryflynt.com/ad_parodies_gallery/

[al bupp]

2. For Kenny Boy

it's "good bye to green fields", or so we hope!

<insert plaintive melody here>

[seemslikeadream]

10. Former Enron Chairman Kenneth Lay Faces Houston 'Perp Walk'

By Mary Flood
07/08/04 11:05 AM PT

Prosecutors say the public display of Enron defendants in handcuffs is so minimal that they wouldn't call it a perp walk. But cameras will still click away, and the images of the executive in cuffs will be all over television news and the morning papers. And defense attorneys will call it an outrage.

snip

"There's no real benefit to the public, no legal purpose. It's just a throwback to the Puritan days, like public humiliation in the town square," said Joel Androphy, a Houston defense lawyer. "Years ago you could get around this." Androphy said.


Defense lawyers say the photos taint the process.


"These people are presumed innocent, but that photo will be shown over and over again," defense lawyer Androphy said.

http://www.ecommercetimes.com/story/35013.html

WALL STREET MOST WANTED

http://www.wallstreetmostwanted.com/scandals.html

[sendero]

14. Guess what numbnuts...

... a person arrested for the most petty of crimes will be cuffed. Please get the fuck over it.

[seemslikeadream]

16. That photo will be shown over and over again

You can say that over and over again!

[MisterP]

4. the harder you hold a pig, the louder it squeals

[seemslikeadream]

19. We'll hold him till he can't squeal no mo'

[hatrack]

5. Lay fights back - just as apes in captivity hurl dung

There's not much else for either to do under the circumstances.

[Crachet2004]

6. He said he wants a trial by September, no doubt so it's over and Bush...

Can pardon him before leaving office. Need to delay the trial somehow, if possible, so Bush is long gone by the time this pos is convicted.

[seemslikeadream]

9. George Bush and Ken Lay are Close and Personal Friends

The larger story, the story that will be ignored, is the link between Bush and Lay. If President Clinton had built such a relationship with someone in Lay's position, the corporate media would have howled in outrage. But their idea of news was a $60 million Republican peep show starring the First Penis. When their own guy gets into bed with a company that jokes about ripping off "those poor grandmothers in California" it's not news.

From "The Smoking Gun" website:

"While the White House has repeatedly described former Enron chairman Kenneth Lay as simply a "supporter" of George W. Bush, extensive correspondence between the two men paints a far cozier picture of their relationship...The Bush-Lay material touches on both personal matters (birthday greetings and Bush's knee surgery) and public concerns of Lay and Enron, such as energy legislation and tort reform, and reflects the kind of jocular relationship that reportedly saw the nickname-happy Bush call the Enron boss "Kenny Boy."

more
http://www.buzzflash.com/contributors/04/07/con04287.html

[Crachet2004]

17. Oh yeah, they are tight...Enron jets flew GOP disruptors to Florida...

To help steal the election, too. Bush will pardon him, if he can. However, if the trial can somehow be delayed so that a conviction (and Ken Lay WILL be convicted) occurs after Bush leaves office next year (assuming we win in Nov.), then there is a chance he will spend the rest of his life in prison.

[colonel odis]

7. bet lay knows who was on the energy task force.

coughing those up might be looked on favorably by a new (1/21/05) justice department in a position to reduce his sentence.

he could also more than likely provide testimony in some prosecution of bush and cheney.

just a thought.

[seemslikeadream]

13. "I have been advised that I have been indicted

At one point, Lay had even been seen as a contender to become treasury or energy secretary in the Bush administration.

He is also thought to have been one of many energy executives who spoke with Vice President Dick Cheney in a still-secret process to craft a national energy policy in the spring of 2001.

http://www.channelnewsasia.com/stories/afp_world_business/view/94597/1/.html

[seemslikeadream]

8. U.S. says Lay schemed to defraud investors

By Rex Nutting & Matt Andrejczak, CBS.MarketWatch.com
Last Update: 3:22 PM ET July 8, 2004

WASHINGTON (CBS.MW) - Federal prosecutors charged former Enron chief executive Kenneth Lay on Thursday with guiding and participating in one of the greatest corporate frauds in history.

snip

Lay was a close adviser and fund-raiser for President Bush and his father, earning him the presidential nickname "Kenny Boy."

Between 1989 and 2001, Lay and his wife donated $882,580 to federal candidates and parties, with about 92 percent going to Republicans. He gave $2,000 to Bush in 2000 and donated $1,000 to current Attorney General John Ashcroft in 1994. Ashcroft has recused himself from any involvement in the Enron investigation.

Lay met with Vice President Dick Cheney at least six times in 2001 as the administration drafted its energy plan. Lay also wrote to Cheney in early 2001 recommending that Pat Wood be named head of the Federal Energy Regulatory Commission.

more
http://cbs.marketwatch.com/news/story.asp?page=1&guid={EB5409F6-7EF2-4F4C-A06D-CFDA7E6AB321}&siteid=google

[Octafish]

12. We've just begun to fight.

Bush Ties to Enron, Big Business Back in Spotlight

By Adam Entous

WASHINGTON (Reuters) - The indictment of President Bush's one-time friend and financial backer Kenneth Lay put the spotlight back on Bush's ties to big corporate donors as he heads into the final months of the U.S. presidential campaign.

Democrats seized on the indictment of the man nicknamed "Kenny Boy" by Bush to attack the president's personal and financial ties to Enron, including suggesting the criminal action had been delayed.

But political analysts said on Thursday that while it was an embarrassment for Bush, the indictment of the former Enron chairman was unlikely to impact the campaign in any meaningful way.

The White House rejected renewed demands from Democrats that it disclose what role Lay might have played behind-the-scenes in shaping the administration's energy policies.

CONTINUED...

http://www.reuters.com/newsArticle.jhtml?type=topNews&storyID=5624062

[seemslikeadream]

15. SWEET

Former Enron CEO Ken Lay, left, is led into Federal Court by law enforcment officers in Houston Thursday July 8, 2004. (AP Photo / Michael Stravato)

http://story.news.yahoo.com/news?tmpl=story&u=/040708/4...


Former Enron CEO Ken Lay (L) is led into the Federal Courthouse in Houston by FBI (news - web sites) agents after surrendering to authorities after being indicted for wire fraud and conspiracy July 8, 2004. Lay, who has steadfastly denied all wrongdoing, appeared calm and relaxed as he entered FBI offices in Houston (Richard Carson/Reuters)

http://story.news.yahoo.com/news?tmpl=story&u=/040708/p...

[0007]

18. How come they didn't hood "Kenny Boy" and frog march him off? LOL!

We know whos's got the juice, 'eh?

The indictment said Lay, after resuming the role of chief executive at Enron in August 2001,
deceived banks, employees and industry analysts by concealing at least $7 billion in losses. In
December 2001, Enron filed what was then the largest bankruptcy in U.S. history. The company
has become synonymous with accusations of accounting fraud as the government charged 31
defendants in the case, winning 11 convictions thus far.

[caledesi]

Hey "Kenny Boy" - Loved the perp walk, but one question.

Where were the shackles? Remember the same ones on Susan McDougal?

Makes me sick. :puke:

[seemslikeadream]

20. Oil man

http://genegould.com/OilManLarge.php

[Hanover_Fist]

21. While I oppose the death penalty,

I think it might be appropriate that the energy mogul be strapped into "Old Sparky" and tickled with a few megawatts for mugging Aunt Millie. What a useless piece of shit.....

[seemslikeadream]

22. Hanover_Fist "Old Sparky"

very funny, thanks for posting and great name there Hans!


Designer chairs would be nice


Maybe we could make george do the deed

[Enraged_Ape]

26. Welcome to DU, Hanover Fiste!

STERRRRRRRRRRRRRRNNNNNNN!!!!!

[ArnoldLayne]

23. I really hope

he implicates the idiot and crooked Cheney.

[cliss]

24. Wow, SLAD.

Going down this thread was like going to an art gallery. Thanks everyone for the photos!

Here's my take on Ole Ken's Innocence/Guilt: in my business classes, the instructors always repeated the same thing: a company is only as good as its management. You could have the best workers, but if management is inept, it won't matter because the management sets the course for the company.

Ken Lay WAS the management of Enron. Whatever he may say, trust me that he was the guiding force of that organization. If it was corrupt, it's because he wanted it that way.

No crying now, Ken.

[tinanator]

25. pardon me

you know he is getting off scott free, and this is timed to resolve in his favor, one way or another on Bush's watch. Either a fast Not Guilty or plea copping, but most likely a full on pardon, dontcha think?

[seemslikeadream]

27. EXECUTIVE SUITES