25 Apr

Kenneth Lay’s testimony on Tuesday

[tag]Kenneth Lay[/tag] maintained on Tuesday that [tag]Enron[/tag] was a financially healthy company that was just a victim of outside forces. He claimed that in late 2001 he was just a desperate executive who was trying to fight off a negative image cast upon the company by the media.

A lot of his [tag]testimony[/tag] focused on defending his actions as the CEO. He also testified that his confidence in former CFO [tag]Andy Fastow[/tag] wavered when he found out that Fastow admitted making $45 million from the [tag]LJM[/tag] partnerships. That day, Lay says he lost trust in Fastow, and Fastow was removed as CFO. Fastow later admitted stealing millions from Enron through LJM and agreed to a plea bargain with prosecutors.

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