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Will the real Ken Lay please stand up?

Time for an update from the Enron trial!

Ken Lay has been testifying this week. His defence, for those who don't know, is that he was just a wee, naive, somewhat incompetent CEO who was taken advantage of by a nefarious and scheming CFO (Fastow). The evil Fastow was wholly responsible for all the crooked bookmaking which led to the demise of Enron. All poor widdle Kenny-boy could do was watch as the world crumbled around him (oh...and sign all those financial reports/forecasts, expense reports, go forward documents, and whatever else CEOs are supposed to read and understand as part of their 7-plus-figure-salaried jobs). I'm starting to wonder if the defence team watched The Hudsucker Proxy while dreaming up this strategy.

Enough of the background. This week, the facade slipped. He's attacked the prosecutor and even his own lawyer while testifying. What happened to the good-ole folksy charmer? Folksy charmers don't try to tamper with witness testimony, Kenny-boy. They don't ask their underlings to "reach out and contact" trial witnesses. That's more of a mob practice, really.

And now for the laugh of the week! I will simply quote from the article, that you, the faithful reader, can enjoy the same gamut of emotions I experienced:

Lay said he is now worth negative $250,000 because he had so much debt, though he's paid all of it except the $7.5 million owed to Enron. He explained that he accumulated so much personal debt because he was constantly encouraged to diversify and since he didn't want to sell his Enron stock, he borrowed to invest elsewhere.

He later added that, although he's sold his many homes (including 3(!) in Aspen), he has some swampland in Florida that's still available, and perhaps a bridge or two for sale. See his website (http://www.Imjustapoorwiddlefarmboy.com) for details. If this link doesn't work, it's probably because Kenny-boy is just an innocent country bumpkin without the resources to run a website, or maybe there's a conspiracy or something.

The "aw shucks" defence didn't work for Bernard Ebbers, our fellow Canadian, in the Worldcom fraud. I sure as hell am not buying it as re Kenneth Lay, either.

And to think Dubya actually considered Lay for Energy Secretary -- which would have given him the keys to the the nuclear bomb "football."

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