'Kenny Boy': Buck stops there | Arkansas Blog

Monday, April 24, 2006

'Kenny Boy': Buck stops there

Posted By on Mon, Apr 24, 2006 at 1:36 PM

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Kenneth Lay, the former Enron CEO, finally took the stand in the trial concerning the collapse of the company. He claimed to know nothing about the financial shenanigans happening under his leadership, and pointed the finger at his deputy, Andrew Fastow.

"It all begins with the deceit of Andy Fastow and probably not more than one or two other people," said Mr. Lay, 64, referring to former Enron officials who have already pleaded guilty in exchange for lenient sentences and cooperating with the federal investigation of Enron.

Citing the financial schemes of Mr. Fastow and the actions of hedge funds attempting to weaken Enron's reputation before creditors, Mr. Lay said, "All that fed into a firestorm that we couldn't stop."

UPDATE: We just got a press release from UALR announcing that former Enron executive Lynn Brewer, author of "Confessions of an Enron Executive: A Whistleblower’s Story," will deliver the keynote address at the inaugural David W. Kempner Business Ethics Program on May 2. For more information, call 569-3356.

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