Defense Attacks Fastow's Credibility

The defense is attacking Enron's former CFO Andrew Fastow's credibility. Houston Public Radio's Capella Tucker reports much of the focus of testimony was determining what Fastow told Enron and what information he withheld from the company. Aired 3/8/06 during KUHF's Business News Report.

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Defense attorney Daniel Petrocelli laid out a different picture. He pointed out that the deals proposed by Fastow were in fact legitimate and were not about hiding losses.

Petrocelli questioned Fastow about the timing of his illegal behavior.

It was pointed out to the jury that Fastow started to engage in criminal activity after nearly being fired by CEO Jefferey Skilling for poor performance in overseeing a division of Enron.

Petrocelli went one by one through several of the structured finance deals Fastow set up. Petrocelli totaled the millions of dollars Fastow and others pocketed illegally. Fastow each time testified that Skilling got zero.

Tensions rose when testimony turned to the LJM partnership and what Petrocelli called the $120 million booty sheet. Fastow once again stated Skilling did not get any money but then went on to say that Skilling and other members of senior management stole from the company in different ways.

Fastow told Petrocelli and the jury that he's ashamed of what he did, but likes to think he's had the character to admit to his family, friends and community that he did wrong and to ask for forgiveness.

At the Federal Courthouse, Capella Tucker, Houston Public Radio Business News.

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