Thursday, April 27, 2006

Oh, this is good: Enron blames the Media

As Kenneth Lay, former executive of Enron, gives his testimony, he shifted the blame to the media for destroying investor confidence, particularly the Wall Street Journal.

At times abandoning his legendary folksy manner for a sharper tone, Lay told jurors there had been "a real conspiracy" against Enron. He asserted that one newspaper in particular, The Wall Street Journal, "was on a witch hunt" aimed at the company and its onetime chief financial officer, Andrew S. Fastow. While also blaming Fastow, who has pled guilty to fraud and testified for the government, Lay zeroed in on articles the newspaper published in the fall of 2001 that he said "kicked off a run on the bank" that doomed the company.

Oh, nevermind you that he and Mr. Skilling, are on trial for allegedly lying to investor's about the financial health of Enron. As the justice system is concerned this may very well be a valid defense strategy, but one cannot excuse the fact that being in charge of a company in financial trouble, these two characters had a responsability to their shareholders, their employees, and society at large to disclose any financial troubles. Go figure! I wonder if this tactic will work. They are being tried in Texas after all.

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