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atlfootr
07-05-2006, 05:21 PM
KARMA

Published Wednesday, July 5, 2006

Convicted Enron Founder

Kenneth Lay
Dies of Heart Attack

By KRISTEN HAYS
The Associated Press

HOUSTON -- Enron Corp. founder Kenneth Lay, who was convicted of helping perpetuate one of the most sprawling business frauds in U.S. history, has died of a heart attack in Colorado. He was 64.

A secretary at his church and another secretary for his lead criminal lawyer, Michael Ramsey, on Monday both confirmed the death. Lay frequently vacationed in Colorado.

Lay, who faced life in prison, was scheduled to be sentenced Oct. 23.

Nicknamed "Kenny Boy" by President Bush, Lay led Enron's meteoric rise from a staid natural gas pipeline company formed by a 1985 merger to an energy and trading conglomerate that reached No. 7 on the Fortune 500 in 2000 and claimed $101 billion in annual revenues.

Lay, who lived in Houston, was convicted May 25 along with former Enron CEO Jeffrey Skilling of defrauding investors and employees by repeatedly lying about Enron's financial strength in the months before the company plummeted into bankruptcy protection in December 2001. Lay was also convicted in a separate non-jury trial of bank fraud and making false statements to banks, charges related to his personal finances.

Pastor Steve Wende of First United Methodist Church of Houston, said in a statement that church member Lay died unexpectedly of a "massive coronary."

Wende said Lay and his wife, Linda, were in Aspen, Colo., for the week "and his death was totally unexpected. Apparently, his heart simply gave out."

Burt Palmer, the church's executive pastor, told The Associated Press that the Lays attended church in Houston on Sunday. "The church continues to love them and help them walk through this difficult time," he said.

Pat Worcester, executive assistant to CEO at Aspen Valley Hospital, said Lay was admitted into the emergency room at 3:10 a.m. Wednesday. She said the hospital would release a statement later.

Reached by telephone at his home in Houston, Skilling told The Associated Press that he was aware of Lay's death, but declined further comment.

Lay had built Enron into a high-profile, widely admired company, the seventh-largest publicly traded in the country. But Enron collapsed after it was revealed the company's finances were based on a web of fraudulent partnerships and schemes, not the profits that it reported to investors and the public.

When Lay and Skilling went on trial in U.S. District Court Jan. 30, it had been expected that Lay, who enjoyed great popularity throughout Houston as chairman of the energy company, might be able to charm the jury. But during his testimony, Lay ended up coming across as irritable and combative.

He also sounded arrogant, defending his extravagant lifestyle, including a $200,000 yacht for wife Linda's birthday party, despite $100 million in personal debt and saying "it was difficult to turn off that lifestyle like a spigot."

Both he and Skilling maintained that there had been no wrongdoing at Enron, and that the company had been brought down by negative publicity that undermined investors' confidence.

His defense didn't help his case with jurors.

"I wanted very badly to believe what they were saying," juror Wendy Vaughan said after the verdicts were announced. "There were places in the testimony I felt their character was questionable."

Lay was born in Tyrone, Mo. and spent his childhood helping his family make ends meet. His father ran a general store and sold stoves until he became a minister. Lay delivered newspapers and mowed lawns to pitch in. He attended the University of Missouri, found his calling in economics, and went to work at Exxon Mobil Corp. predecessor Humble Oil & Refining upon graduation.

He joined the Navy, served his time at the Pentagon, and then served as undersecretary for the Department of the Interior before he returned to business. He became an executive at Florida Gas, then Transco Energy in Houston, and later became CEO of Houston Natural Gas. In 1985, HNG merged with InterNorth in Omaha, Neb. to form Enron, and Lay became chairman and CEO of the combined company the next year.

sassydog
07-05-2006, 05:52 PM
DAMMIT!!! kenny boy died?!?!! i has hoping for a long painful stay in a federal pen, where whe would fall victim to daily painfully disgusting acts unmentionable on this board. he should have to suffer as much as all people he screwed over :rant: . But i do suppose that now my tax dollars aren't being wasted on his trial and incarceration.

TMCNo1
07-05-2006, 06:13 PM
He saved the government some money not having to confine his butt! A funeral paid for by the estate is cheaper than our money being spent for life in prison.

Tom023
07-05-2006, 06:33 PM
It could have been a suicide. Either Lay or Skilling contemplated it once but I can't remember which one.

sassydog
07-05-2006, 06:37 PM
He saved the government some money not having to confine his butt! A funeral paid for by the estate is cheaper than our money being spent for life in prison.

good point

TMCNo1
07-05-2006, 07:46 PM
It could have been a suicide. Either Lay or Skilling contemplated it once but I can't remember which one.


If that was the case and they are covering it up, so be it. Why did he take so long to do it, could not have happened to a nicer fellow! I think he feared meeting his new friend on arrival at the federal pen, named "Shaft", asking where his new LAY was.

dog paw
07-05-2006, 09:55 PM
Karma! LOL! Unlike Earl he never got to make a list of all the bad things he did! Dont get me wrong the sucker is a crook but the people they showed OVER and OVER screaming over the make belive money they lost seemed to be as motivated by greed as he was. (or is) Who knows this could be a scam also :cool: Someone needs to see his corpse on a slab

You don't really think he would have been in a "normal" prison do you?

mpmartin
07-05-2006, 10:08 PM
From the info that was provided we can assume. A.He still has his multimillion dollar house in Aspin. B. He took a jet to get there. C. He still has got a lot of cash. D. Now he is not the smartest guy in the room. Or something like that.

atlfootr
07-06-2006, 10:29 AM
From the info that was provided we can assume. A.He still has his multimillion dollar house in Aspin. B. He took a jet to get there. C. He still has got a lot of cash. D. Now he is not the smartest guy in the room.
Or something like that.mpmartin .. tweaked it up.

He still has his multimillion dollar house in Aspen.
He took a jet to get there.
He still has got a lot of cash.
Now he is not the smartest guy in the room.
Or something like that.

RexDog1
07-06-2006, 11:17 AM
Hummmm

A ton of money!!

And going to jail for the rest of his life?????

I like to see the body :huh:

TMCNo1
07-06-2006, 08:28 PM
mpmartin .. tweaked it up.

He still has his multimillion dollar house in Aspen.
He took a jet to get there.
He still has got a lot of cash.
Now he is not the smartest guy in the room.
Or something like that.


DID have, now he's DEAD, it's great that he couldn't take it with him. Now untold millions will be spent by the government trying to get something from his estate and family, if he hadn't already hide it before his sentencing.