Career: Humble Oil, 1965—1968, economist and speech writer; U. The company began to grow fast. Lay, the company's founder, was the public face of Enron. That year, Fortune magazine named Enron the most innovative company in America. Skilling, the former Enron chief executive and president, left, and Kenneth L. Government witnesses, including Enron's former treasurer, Ben F.
Lay stepped in proved to be an international showcase. At the time of its collapse in December 2001, Enron's bankruptcy was the largest in U. Watkins, the former Enron vice president, took the stand to describe how she confronted him with concerns about Enron's accounting. Lay was intrigued, and on May 2, 1985, the merger of the two companies was announced. Ramsey, a well-regarded criminal defense attorney who was forced to miss more than a month of the trial because of coronary disease that required two operations. The entire turn of events became ironic when Jacobs said that he had never intended to take over InterNorth; he had just invested in what he regarded as a growth stock. The divorce was a bitter one, with custody of the children hotly contested and Judith suffering a nervous breakdown that required hospitalization.
He learned the value of money early, supplementing the family's meager income by delivering newspapers, cutting grass and baling hay. The son of a Baptist preacher and some-time tractor salesman, he came from a family so poor that they were not always able to celebrate holidays, eating cold-cuts one Thanksgiving. Delainey, the former chief executive of a retail energy unit called Energy Services, also helped pave the way for Mr. He faced years in prison. Mark, too, tried to live large, but Azurix was a start-up and could not support her the way Enron had; thus, she drove Azurix into debt that was hidden by a dummy corporate partner. School School Name will be update soon.
That led to his first experience in Washington; after officers' school, he was assigned to the Pentagon as an economist. Lay and his two sisters went to college, so determined were their lightly schooled parents that the children would do better. In Omaha, Nebraska, Samuel F. He married Ayers in 1982, and he was still with her at the time of his death. The family was poor in a way that few Americans today can fully appreciate. This proved to be a hard sell, but Enron invested millions of dollars promoting the idea, winning its biggest victory in California, which opened both electricity and natural gas to the whims of the marketplace.
Enron had a fleet of jets that flew Lay and his family wherever they wanted to go; he owned over 20 houses and estates in Texas and Colorado, all of which were lavishly decorated with antiques by his wife. Perhaps most notable — and, ultimately, notorious — among them was Jeff Skilling, a former consultant whose ideas for reinventing the company and steering it away from an old-style energy company mostly invested in hard, fixed assets found a receptive ear in Lay. Sentencing was initially scheduled for 11th September 2006 but was changed to 23rd October 2006. All of the company's 21,000 employees worldwide lost their pensions, which were invested in Enron stock; in addition, most lost their life savings, which had also been tied up in shares in Enron. If they lose their appeals, Mr.
Bush set off on his quest to win the 2000 presidential election, Mr. Lay was an affable, relaxed man who had run Enron like a club of old friends; with the arrival of Skilling the corporate climate became cutthroat. The merged company became loaded down with high-interest debt, used to finance the deal. Additionally, while in Washington, he was an assistant professor at George Washington University, teaching graduate courses in micro- and macro-economic theory and government-business relations. There is a legal doctrine called abatement ab initio, which states the death of a defendant during an appeal vacated the conviction. Fastow also described how Mr. In May the vice chairman of the board J.
Ramsey rather than seek to delay the trial and fight another day. Lay was found guilty on six counts of fraud and conspiracy and four counts of bank fraud. Lay enjoyed being Enron's public face. Lay, a key turning point came when Sherron S. Those childhood lessons would be reinforced when he studied economics under the tutelage of Pinkney Walker, an economics professor at the University of Missouri who became his mentor. A basic economics class taught by Pinkney Walker caught his imagination, and he decided to major in the subject.
Lay made to employees and outside investors. Within Enron he broke down corporate divisions into small units dedicated to finding and making deals quickly, hoping this would inspire an entrepreneurial spirit in the company. And a jury either acquitted or failed to agree on charges in the fraud trial of former managers of Enron's failed broadband division. Most people will give to the opera. This meant that he could pay himself with fake deals between Enron and his fake companies.
By 1971 he had achieved the rank of Lieutenant. Not until he was 11 years old did Kenneth Lay live in a house with indoor plumbing. Awash in money Of course, that was years away. Then, with the draft board back in Missouri eager to get hold of him, Mr. Advertisement In 1981, as his first marriage was failing, he followed a former boss to Transco, a pipeline company in Houston.
The 12 jurors and three alternates, who all agreed to talk to about 100 reporters at a news conference following the verdict, said they were persuaded — by the volume of evidence the government presented and Mr. He relished being the go-to guy who could get things done. I thought he was electable. Fastow, Enron's former chief financial officer, and his cadre of co-conspirators. Those transactions were used to artificially prop up the company's profits, but prosecutors never seriously attempted to prove that Mr. His childhood was one of adult responsibilities, as he had to work driving tractors and plowing fields, during which time he would daydream about becoming rich in commerce. Until then, the two men are free on bail.