Lay Gives Props to WSJ

Both Kenneth L. Lay and Jeffrey K. Skilling have disparaged a series of Oct. 2001 articles in the Wall Street Journal that questioned the accounting of the outside-of-Enron partnerships known as the LJMs -- deals that eventually led to Enron's downfall. Lay and Skilling said the stories were filled in inaccuracies, were biased and amounted to a "witch hunt."

Well, Lay just testified that: "We didn't give the Wall Street Journal the credibility we could have. We thought they were throwing up red flags, red herrings."

If I were the marketing folks at the WSJ, I'd print that quote up on a thousand rack cards, put Ken Lay's picture on it and stick it in every WSJ newspaper box around the country. What a terrific endorsement!

By Frank Ahrens |  May 1, 2006; 10:38 AM ET  | Category:  Dispatches
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