It Finally Happens - Hell Freezes Over!

So not all news is bad news, after all! OK, maybe Ken Lay will disagree with me on this one, but I’m pretty damn stoked at the moment so I really couldn’t care less what he thinks. I know this may seem like one of my satire pieces, but it isn’t! [commences happy dance]

Sources: Lay Indicted in Enron’s Collapse

HOUSTON (AP) – Former Enron Corp. chairman and CEO Kenneth Lay has been indicted on criminal charges related to the energy company’s collapse, sources close to the case told The Associated Press on Wednesday.

Lay, the company’s founder, was expected to surrender to federal authorities Thursday, the sources said, speaking on condition of anonymity. Two sources said the indictment against Lay, 62, was expected to be unsealed upon or shortly after his surrender to the FBI.

Prosecutors from the Justice Department’s Enron Task Force presented an indictment to U.S. Magistrate Judge Mary Milloy in Houston on Wednesday. At their request, the judge sealed both the indictment and an arrest warrant.

A hearing before Milloy was scheduled for late Thursday morning.

Lay has consistently maintained his innocence of any wrongdoing.

Enron, once No. 7 on the Fortune 500, had more than 20,000 employees worldwide before the company imploded nearly three years ago amid revelations of hidden debt, inflated profits and accounting tricks.

The charges against Lay come 2 1/2 years after the federal government launched its painstaking investigation.

The indictment takes the task force to the top of the fallen company’s former senior management. Former CEO Jeffrey Skilling and former top accountant Richard Causey are awaiting trial on charges of conspiracy, fraud and insider trading. Both pleaded innocent and are free on bond.

And waiting to testify for the prosecution is former finance chief Andrew Fastow, who pleaded guilty to two conspiracy counts in January. Fastow admitted to engineering partnerships and financial schemes to hide Enron debt and inflate profits while pocketing millions for himself.

After 2 1/2 years of investigations concerning Lay and weeks of renewed speculation as to whether his indictment would actually happen, ladies and gentlemen – I invite you to sin all you want, because Hell’s not a place to fear anymore. Not, at least, if you remember to wear warm clothing.

6 thoughts on “It Finally Happens - Hell Freezes Over!

  1. I would write a lengthy celebratory rant here…but I am too busy DANCING!!!

    WOO HOO!!!

  2. I’m with Brooks.  Lay has been indicted but I suspect things will go much the way they did with Bernie Ebbers.  The state of New York at least had Ebbers on defrauding government retirement funds.  Lay may get off easier. 

    Last I heard Ebbers and 18 partners of Worldcom had an offer before the court to pay back $51 mil in restitution and no jail time. $2.8 mil a piece is a healthy fine but when you make in excess of a million a year and live in a $13 mil home, I’m sure you can find it laying around somewhere.  Beats the heck out of going to jail.

    Plus Lay owns better politicos than Bernie did.

  3. Come on guys! Let Eric and I have our celebratory dances. Tomorrow I’ll come back and rain on my own parade. LOL

  4. Bush refuses to answer questions about Ken Lay. See the Rodney Dangerfield walkaway picture on Yahoo.com

    US President George W. Bush walks away from a briefing with the media, refusing to answer questions after he was asked about Enron and the reported indictment of former CEO Kenneth Lay, who was a close adviser and fund-raiser for Bush and his father, earning him the presidential nickname of ‘Kenny Boy.’(AFP/Paul J. Richards)

    Did he not expect to get that question?

    (meaning)

  5. Is it just me or does he seem somewhat apish in that Yahoo picture? Oh, I remember now; he looks apish in nearly every picture I’ve ever seen. And my apologies to apes everywhere.

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