Kenneth Lay
American businessman
Kenneth Lay
Kenneth Lee "Ken" Lay was an American businessman, best known for his role in the widely reported corruption scandal that led to the downfall of Enron Corporation. Lay and Enron became synonymous with corporate abuse and accounting fraud when the scandal broke in 2001.
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Michael Smerconish: Zimmerman: Gender Not Race
Huffington Post - over 3 years
The O.J. Simpson criminal prosecution was doomed from the moment the trial was moved from Santa Monica to downtown Los Angeles, ensuring that the jury looked nothing like the two victims, legal pundits agree. Might the outcome of the George Zimmerman trial have been similarly predetermined -- not because of race, but because of gender? That there is racial division in how people regard the Zimmerman verdict is evident, both anecdotally and in the data. Thousands of mostly African Americans have marched in protest since the not-guilty verdict, and now polling results evidence the division. Last week, a Washington Post/ABC survey reported that 86 percent of African Americans disapproved of the not-guilty verdict, vs. 31 percent of whites. But dig deeper into those numbers and a pattern emerges -- one not so surprising to the jury consultant who helped the Zimmerman defense "deselect" the jury. While among all adults 41 percent approve and 41 percent disapprove, men are ...
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Huffington Post article
Former Enron CEO Skilling’s prison term cut to 14 years
Financial Post - almost 4 years
HOUSTON — One of the United States’ most notorious financial scandals came to a protracted legal conclusion Friday as ex-Enron Corp. CEO Jeffrey Skilling — already in prison for his role in the once-mighty energy giant’s collapse — was resentenced to 14 years as part of a court-ordered reduction and a separate agreement with prosecutors. Skilling has been in prison since 2006, when he was sentenced to more than 24 years by U.S. District Judge Sim Lake. But an appeals court vacated his prison term in 2009, ruling that a sentencing guideline was improperly applied. That meant a reduction of as much as nine years. However, Skilling’s resentencing was delayed for years as he unsuccessfully sought to overturn his convictions, including appealing to the U.S. Supreme Court. Skilling declined to make statements during the resentencing. The Justice Department said that in an effort to resolve a case that’s gone on for more than 10 years, it agreed to an additional reduction of about 20 ...
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Financial Post article
The return of A.G.
The Economist - almost 4 years
LAST November, Bob McDonald, the embattled boss of Procter & Gamble, invited three of his predecessors, Alan Lafley, John Pepper and Ed Artzt, to address a gathering of 250 senior managers as they wrestled with the challenges facing the world’s biggest consumer-goods company. In some respects, that was a remarkable act of self-confidence by an incumbent chief executive fighting for his job, who joined in the standing ovation that each man got after talking about the “enduring qualities of P&G” and sharing his own experiences of leading the firm through difficult times. With hindsight, however, it may simply have served to remind P&G’s top people of someone they missed. Mr McDonald never seemed entirely comfortable in the leading role he accepted in 2009 at the firm where he had worked for three decades, especially as growth slowed and an activist hedge-fund run by Bill Ackman started to lobby for management change. On May 23rd it was announced that Mr McDonald will retir ...
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The Economist article
Who else took the 5th? Baseball star, banker, more
San Francisco Chronicle - almost 4 years
Who else took the 5th? Baseball star, banker, more Associated Press Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Updated 12:09 am, Thursday, May 23, 2013 White House gate crashers Michaele and Tareq Salahi declined to tell lawmakers in 2010 how they sailed past the Secret Service to attend President Barack Obama's first state dinner uninvited. Former St. Louis Cardinals slugger Mark McGwire, one of the biggest stars of baseball, wouldn't answer questions at a 2005 hearing on steroid use. Senators' accusations of "greed run amok" blossomed into a giant bribery and influence-peddling scandal that led to more than 20 convictions of lobbyists, lawmakers, congressional aides and others. Former Enron chief Kenneth Lay and four other executives refused to talk in 2002 about the giant energy company's sudden financial collapse. After being berated for ...
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San Francisco Chronicle article
Bruce Weinstein: Office Gambling Is Unethical
Huffington Post - about 4 years
March Madness office pools involving cash are common, exciting, and potentially lucrative. But they can violate corporate policies and the law. Even where they are legal and not in violation of company protocol, however, they're ethically unintelligent, and we shouldn't participate in them. Here's why. The Fundamentals Arguments about ethics are not entirely dependent on what the law, public policy, and corporate rules and regulations happen to be. An action can be legal but wrong, or it can be illegal but ethically required. One would like to believe that laws, regulations, and policies are always based on what is right, but we know that too often they are shaped by special interests, outdated beliefs, or pure and simple prejudice. For any law or policy, we can and should ask: "Is it right? Is it fair? Is it just?" This is not a call to civil disobedience, however. The law is an important first step in deciding what we should do and why we should do it. For exampl ...
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Huffington Post article
Vicki Larson: Should You Lose Your Job Over An Affair?
Huffington Post - over 4 years
When does your sex life become anyone else's business (other than, obviously, the person you're sleeping with)? Apparently when you're a retired four-star general and the director of the CIA. Many were shocked at David Petraeus' announcement last week that he was resigning because of an extramarital affair. Some were surprised that the celebrated 60-year-old had been sleeping with his biographer, Paula Broadwell, a 40-year-old married mother of two young boys. Some were shocked because he was resigning and that he had an affair after 38 years of marriage. And yet others were astounded that he was stepping down over what essentially is a very private issue. Is an affair an indication of one's ability -- or inability -- to perform his or her job? Or is it a very personal matter between the spouses and their family? The answer depends on the circumstances. Sometimes you're just not going to be able to perform your job if you're schtupping some attractive young thing ...
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Huffington Post article
Face It: Your Employees Cheat (or Used to)
Inc. Magazine - over 4 years
Here's how you can encourage your staffers to be ethical at work (even if they haven't always been). It has become fashionable at big corporations and banks to bring in ethics trainers--paid consultants who try to teach the workforce right from wrong. In light of so many catastrophes--from insider trading at Goldman Sachs, to the sale of sub-prime mortgages everywhere--safety, it's argued, lies in showing employees where to draw the line. It would be tempting to say that this is just a big business problem, but it isn't. The late, great business ethicist Rush Kidder once estimated that, in the U.S., 95% of high school students had cheated on exams or homework--but only 12% had ever seen anyone get caught. Cheating--in the form of plagiarism--has become so widespread both during college admissions and college itself that most educational institutions rely on plagiarism software--made by Turnitin--to scan for ideas, arguments, and text that has been borrowed or even bought. So there ...
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Inc. Magazine article
The Top 50 Stories Since the Invasion of Iraq
Techno Sailor - over 5 years
War is over, if you want it. ~John Lennon This is a time of year, as we draw 2011 to a close and embark on 2012, to reminisce about the events of the last year. It’s a tradition followed by journalists, bloggers, and opinionistas alike. But since today marks the day where the War in Iraq is officially drawn to a close, I thought I’d share some of the top stories of the past nearly 8 years. The world has changed drastically. For those who served, bled and maybe died… we salute you. 50. Saddaam Hussein Captured (December 13, 2003) A mere 9 months after the U.S. Invasion began, Sadaam Hussein is captured by Special Forces and turned over to the interim Iraqi Government. He was tried and convicted for crimes against humanity and was later executed by hanging. 49. NASA Mars Rover Confirms Water (March 2, 2004) NASA Rover Opportunity confirms that the area where she landed on the surface of Mars once was covered in water. The discovery was made when Opportunity confirmed the pres ...
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Techno Sailor article
Dead Enron CEO Ken Lay beats IRS in tax court - Fort Worth Star Telegram (blog)
Google News - over 5 years
The estate of Kenneth Lay, the deceased CEO of the scandal-destroyed Houston energy firm Enron, has defeated the Internal Revenue Service in a tax case, according to this Bloomberg News report. This is only a preview. Your comment has not yet been
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Google News article
Deceased Enron CEO Lay Triumphs Over IRS in Tax Court - Washington Post
Google News - over 5 years
30 (Bloomberg) -- Kenneth Lay, the deceased chief executive officer of Enron Corp., defeated the Internal Revenue Service in the agency's bid to collect $3.9 million from his estate and his wife, the US Tax Court ruled. Deirdre Bolton reports on
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Google News article
I.R.S. Loses Tax Case Against Lay of Enron
NYTimes - over 5 years
The United States Tax Court rejected a bid by the Internal Revenue Service to collect $3.9 million from the estate of the former Enron chief Kenneth L. Lay and his wife. The case was related to transactions among Mr. Lay, his wife, Linda, and Enron that were executed on Sept. 21, 2001. The Lays sold $10 million in annuities to Enron as part of an
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NYTimes article
The Biggest Wall Street Scams of All Time - Investing Answers
Google News - over 5 years
Kenneth Lay and Jeffery Skilling were at the helm of the energy trading company when it filed. Lay, the founder of Enron, duped investors out of $74 billion dollars when he exaggerated the health of his company. Investors were left to deal with the
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Google News article
Learn about memorable moments in the evolution of Kenneth Lay
  • 2006
    Age 63
    On October 17, 2006 his conviction was vacated due to pending appeals of guilt.
    More Details Hide Details The government opposed Lay's attorneys' motion, and the Department of Justice issued a statement saying it remained "committed to pursuing all available legal remedies and to reclaim for victims the proceeds of crimes committed." Lay left behind “a legacy of shame” characterized by “mismanagement and dishonesty.”Condé Nast Portfolio ranked Lay as the 3rd worst American CEO of all time. His actions were the catalyst for subsequent and fundamental corporate reform in regard to “standards of leadership, governance, and accountability.”
    On May 25, 2006, Lay was found guilty on six counts of conspiracy and fraud by the jury.
    More Details Hide Details In a separate bench trial, Judge Lake ruled Lay was guilty of four additional counts of fraud and making false statements. Sentencing was scheduled for September 11, 2006 and rescheduled for October 23, 2006.
  • 2004
    Age 61
    On July 7, 2004, Lay was indicted by a grand jury in Houston, Texas, for his role in the company's failure.
    More Details Hide Details Lay was charged, in a 65-page indictment, with 11 counts of securities fraud, wire fraud, and making false and misleading statements. The trial commenced on January 30, 2006, in Houston. During his trial, Lay claimed that Enron stock made up about 90 percent of his wealth, and that his net worth (in 2006) was in the negative by $250,000. He insisted that Enron's collapse was due to a conspiracy waged by short sellers, rogue executives, and the news media.
  • 2001
    Age 58
    Lay's company, Enron, went bankrupt in 2001.
    More Details Hide Details It was the biggest bankruptcy in U.S. history. In total 20,000 employees lost their jobs and in many cases their life savings. Investors also lost billions of dollars.
  • 2000
    Age 57
    In December 2000, Lay was mentioned as a possible candidate for President Bush's Treasury Secretary.
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  • 1999
    Age 56
    In 1999 Lay was one of America's highest-paid CEOs with a $42.4 million compensation package.
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    From 1999 to 2001, he gave $365,410 to the Republican Party.
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  • 1998
    Age 55
    Lay liquidated more than $300 million in Enron stock from 1998 to 2001, mostly in stock options.
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  • 1989
    Age 46
    From 1989 to 2002, his political contributions totaled $5.8 million, with 73% going to Republicans, and 27% going to Democrats.
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  • 1985
    Age 42
    By the time energy was deregulated in the 1980s, Lay was already an energy company executive and he took advantage of the new climate when Omaha-based Internorth bought his company Houston Natural Gas and changed the name to Enron in 1985.
    More Details Hide Details He was also a member of the board of directors of Eli Lilly and Company and a director at Texas Commerce Bank. Lay was a friend of the Bush family including Vice President George H. W. Bush. He made monetary contributions, led several committees in the Republican Party and was co-chairman of Bush's 1992 re-election committee. As President, Lay flew Bush and his wife to Washington on an Enron corporate plane.
  • 1982
    Age 39
    At the time of his death Lay was married to his second wife whom he married in 1982.
    More Details Hide Details He was survived by his two children, three stepchildren, and twelve grandchildren.
  • 1970
    Age 27
    He went on to earn his Ph.D. in economics from the University of Houston in 1970 and soon after went to work at Exxon Company, USA.
    More Details Hide Details Lay worked in the early 1970s as a federal energy regulator. He became undersecretary for the Department of the Interior and returned to the business world as an executive at Florida Gas Transmission.
  • 1942
    Born on April 15, 1942.
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Original Authors of this text are noted here.
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