Enron founder Ken Lay answered questions posed by the government for a second day in his fraud and conspiracy trial with co-defendant Jeff Skilling. Houston Public Radio’s Ed Mayberry reports. Aired 4/28/06 during the KUHF Morning Business News Report.
Although there was still wrestling for control of his cross examination, Lay was less combative and more composed in Thursday’s testimony, in contrast to earlier contentious exchanges with prosecutor John Hueston.
The government said Lay was telling employees in late 2001 that Enron stock was an incredible bargain. Lay sold Enron stock to repay a revolving credit line when he faced margin calls at banks–sales that did not have to be revealed to the public because they were being sold back to the company. Hueston suggested that employees might like to have known that Lay was himself selling off his stock.
Defense attorney Daniel Petrocelli said the trial is winding down.
Hueston expects to complete cross examination on Monday.
Ed Mayberry, Houston Public Radio News.