Kenneth Lay maintained on Tuesday that Enron 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 testimony focused on defending his actions as the CEO. He also testified that his confidence in former CFO Andy Fastow wavered when he found out that Fastow admitted making $45 million from the LJM 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.
Tags: Kenneth Lay, Enron, testimony, Andy Fastow, LJM
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