+ Reply to Thread
Results 1 to 5 of 5

  1. #1
    Join Date
    May 2006
    Location
    none of your damn business
    Posts
    927

    Convicted Enron Founder Ken Lay dies

    HOUSTON (July 5) - Enron Corp. founder Kenneth Lay, who was convicted of helping perpetuate one of the most sprawling business frauds in U.S. history, died Wednesday of a heart attack in Colorado. He was 64.



    The Pitkin, Colo., Sheriff's Department said officers were called to Lay's house in Old Snowmass, Colo., shortly after 1 a.m. Mountain time. He was taken to Aspen Valley Hospital, where he was pronounced dead at 3:11 a.m. Lay, who lived in Houston, frequently vacationed in Colorado.

    Family spokeswoman Kelly L. Kimberly issued a statement saying, "Ken Lay passed away early this morning in Aspen. The Lays have a very large family with whom they need to communicate. And out of respect for the family, we will release further details at a later time."

    Pastor Steve Wende of First United Methodist Church of Houston, said in a statement that church member Lay died unexpectedly of a "massive coronary."

    Lay was to be sentenced Oct. 23. He faced decades in prison.

    Lay led Enron's meteoric rise from a staid natural gas pipeline company formed by a 1985 merger to an energy and trading conglomerate that reached No. 7 on the Fortune 500 in 2000 and claimed $101 billion in annual revenues.

    It included Oregon's largest and oldest public utility, Portland General Electric, which it bought in 1997.





    As a result of Enron's bankruptcy, PGE became independent of Enron earlier this year, and its stock started trading on the New York Stock Exchange.

    Earlier this year, a spokesman for the company referred to the period as "the unfortunate Enron chapter" and said the company had learned a business lesson: "Keep it to what we know we do best."

    But hundreds of PGE employees lost retirement savings that were invested in Enron stock.

    Lay traveled in the highest business and political circles.

    For many years, his corporation was the single biggest contributor to President Bush, who nicknamed him "Kenny Boy."

    Lay was convicted May 25 along with former Enron CEO Jeffrey Skilling of defrauding investors and employees by repeatedly lying about Enron's financial strength in the months before the company plummeted into bankruptcy protection in December 2001. Lay was also convicted in a separate non-jury trial of bank fraud and making false statements to banks, charges related to his personal finances.

    Skilling, reached by telephone at his home in Houston, told The Associated Press that he was aware of Lay's death, but declined further comment.

    Prosecutors in Lay's trial declined comment Wednesday, both on his unexpected death and what may become of the government's effort to seek a $43.5 million judgment from Lay that they say he pocketed as part of the conspiracy.



    Burt Palmer, the church's executive pastor, told The Associated Press that the Lays attended church in Houston on Sunday. "The church continues to love them and help them walk through this difficult time."

    Pat Worcester, executive assistant to CEO at Aspen Valley Hospital, said Lay was admitted into the emergency room at 3:10 a.m. Wednesday. She said the hospital would release a statement later.

    Lay had built Enron into a high-profile, widely admired company, the seventh-largest publicly traded in the country. But Enron collapsed after it was revealed the company's finances were based on a web of fraudulent partnerships and schemes, not the profits that it reported to investors and the public.

    When Lay and Skilling went on trial in U.S. District Court Jan. 30, it had been expected that Lay, who enjoyed great popularity throughout Houston as chairman of the energy company, might be able to charm the jury. But during his testimony, Lay ended up coming across as irritable and combative.

    He also sounded arrogant, defending his extravagant lifestyle, including a $200,000 yacht for wife Linda's birthday party, despite $100 million in personal debt and saying "it was difficult to turn off that lifestyle like a spigot."

    Both he and Skilling maintained that there had been no wrongdoing at Enron, and that the company had been brought down by negative publicity that undermined investors' confidence.

    His defense didn't help his case with jurors.

    "I wanted very badly to believe what they were saying," juror Wendy Vaughan said after the verdicts were announced. "There were places in the testimony I felt their character was questionable."

    Lay was born in Tyrone, Mo., and spent his childhood helping his family make ends meet. His father ran a general store and sold stoves until he became a minister. Lay delivered newspapers and mowed lawns to pitch in. He attended the University of Missouri, found his calling in economics, and went to work at Exxon Mobil Corp. predecessor Humble Oil & Refining upon graduation.

    He joined the Navy, served his time at the Pentagon, and then served as undersecretary for the Department of the Interior before he returned to business. He became an executive at Florida Gas, then Transco Energy in Houston, and later became CEO of Houston Natural Gas. In 1985, HNG merged with InterNorth in Omaha, Neb. to form Enron, and Lay became chairman and CEO of the combined company the next year.



    He dies 3 months before sentencing. That is unheard of!

  2. #2
    coontie is offline Vashudeva; Ferryman - doing the work... User Rank
    Join Date
    Jul 2005
    Posts
    3,392

    Re: Convicted Enron Founder Ken Lay dies

    Ken Lay's death... I found myself wondering if there was an autopsy performed and what were the results?

    I read in the newspaper that since he was now deceased that his
    Lawyers would seek to get the criminal case findings judgement reversed
    and therefore nullify any possibility of anyone getting any sort of
    money judgement against the 'Lay Estate' granted.

    Pretty slick in death as in life...

    These Ba$$=ards are in fact the REAL Government of our country. Isn't it
    nice to once again be reminded of their ethic and integrity?

    Also, in witness of what the Insurance Companies are now doing in
    the State of Florida and the Gulf States.

  3. #3
    Join Date
    May 2006
    Location
    none of your damn business
    Posts
    927

    Re: Convicted Enron Founder Ken Lay dies

    Quote Originally Posted by coontie
    Ken Lay's death... I found myself wondering if there was an autopsy performed and what were the results?

    I read in the newspaper that since he was now deceased that his
    Lawyers would seek to get the criminal case findings judgement reversed
    and therefore nullify any possibility of anyone getting any sort of
    money judgement against the 'Lay Estate' granted.

    Pretty slick in death as in life...

    These Ba$$=ards are in fact the REAL Government of our country. Isn't it
    nice to once again be reminded of their ethic and integrity?

    Also, in witness of what the Insurance Companies are now doing in
    the State of Florida and the Gulf States.

    I have haven't heard anything new yet. But somehow some people believe there is some sort of conspiracy to all this. Lucky for him, he avoids prison time.

  4. #4
    Join Date
    May 2006
    Location
    none of your damn business
    Posts
    927

    Re: Convicted Enron Founder Ken Lay dies

    Quote Originally Posted by coontie
    Ken Lay's death... I found myself wondering if there was an autopsy performed and what were the results?

    I read in the newspaper that since he was now deceased that his
    Lawyers would seek to get the criminal case findings judgement reversed
    and therefore nullify any possibility of anyone getting any sort of
    money judgement against the 'Lay Estate' granted.

    Pretty slick in death as in life...

    These Ba$$=ards are in fact the REAL Government of our country. Isn't it
    nice to once again be reminded of their ethic and integrity?

    Also, in witness of what the Insurance Companies are now doing in
    the State of Florida and the Gulf States.



    Perhaps there is a possibility that he took a drug to cause a heart attack, or someone else did it for him? Like a mercy killing? I have no sympathy for *******s like killing and slay!

  5. #5
    coontie is offline Vashudeva; Ferryman - doing the work... User Rank
    Join Date
    Jul 2005
    Posts
    3,392

    Re: Convicted Enron Founder Ken Lay dies

    Quote Originally Posted by Unlucky36
    Perhaps there is a possibility that he took a drug to cause a heart attack, or someone else did it for him? Like a mercy killing? I have no sympathy for *******s like killing and slay!
    Who knows... :rolleyes:

    However, it strikes me that the likes of Mr. Lay's ilk doesn't relish or
    feature the idea of doing time as a convict in the penitentiary. Such
    being the case with Martha Stewart. She got out ahead of her sentence
    time, then violated house arrest while on probation. This should have
    been immediate justification for her to be deemed as a parole violator
    and sent back to finish her sentence. However, because of probably
    her being "somebody" the judge didn't do that! :rolleyes:

    They cannot receive the usual coddling and spoiling like they're accustomed
    to out in the "free world's life".

    They have no conscience or ethic that it is on someone else's hard
    earned and deserved money that they've stolen. All that they ever regret
    is that they got caugght, tried and convicted.

    Just another Scammer or Con-Artist. They are the same regardless otheir veneer.

    Anyhow Mr. Lay: R.I.P. and good riddance!
    Last edited by coontie; 07-08-2006 at 06:53 AM. Reason: add

Similar Threads

  1. The Life of the Founder of Islam
    By conserv4ever in forum Religious Scams
    Replies: 9
    Last Post: 04-26-2015, 02:09 PM
  2. Replies: 1
    Last Post: 01-02-2011, 05:01 PM
  3. Ex-Founder of Religious Right Rejects Fundies
    By Nickdfresh in forum Political Scams
    Replies: 0
    Last Post: 08-09-2009, 05:46 PM
  4. KENNETH LAY CONVICTED in Enron Collapse
    By Connecticut Victim in forum Political Scams
    Replies: 3
    Last Post: 05-26-2006, 04:27 AM
  5. Ex-Enron chief accountant pleads guilty
    By sojustask in forum Political Scams
    Replies: 1
    Last Post: 01-03-2006, 07:05 AM

Tags for this Thread

Bookmarks

Bookmarks

Posting Permissions

  • You may post new threads
  • You may post replies
  • You may not post attachments
  • You may edit your posts
  •