Thanks a Lot, Son
Catching up from the fall-behind this morning:
The government dropped a little bomblet in this morning's testimony from Kenneth L. Lay, being cross-examined by government prosecutor John Hueston regarding Lay's son, Mark, who oversaw the family's investments.
For backstory, Lay and Jeffrey K. Skilling have partially blamed stock short-sellers for Enron's demise. Short-sellers take a position in a stock, betting its price will go down; if it does, they profit. Lay and Skilling believe that a cabal of short-sellers conspired to drive down Enron's stock in 2001 by spreading rumors and misinformation. (Though Skilling himself shorted the stock of another company -- the right way, he said, not the way the Enron-enemies had done.)
Well, this morning, Hueston displayed the brokerage account of Mark Lay and demonstrated that in 2001, he was shorting Enron stock. Kenneth Lay said he didn't know his son had done that.
"He wasn't trying to kill Enron in 2001, was he?" Hueston asked.
"No," Lay said, quietly.
By Frank Ahrens |
April 27, 2006; 3:45 PM ET
| Category:
Dispatches
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Posted by: Matthew Anton | April 27, 2006 04:29 PM
Dude, how about actually posting what is happening at the trial?!! All day and this is all you have to post? I know from other sources there is a lot going on. Get your laptop fixed and start giving updates!!
That is all. Carry on.
Posted by: kak | April 27, 2006 04:57 PM
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Hey, Frank:
As a fellow Star Trek aficionado, I think you should inaugurate your new laptop by playing William Shatner's rendition of "Taxi":
http://www.ifilm.com/ifilmdetail/2722361
It might liven things up in the ol' OPR...