April 24, 2006
Ken Lay Blames Others
Ken Lay blamed Fastow, short-sellers, and journalists in his opening testimony yesterday. (see Houston Chronicle here) The defense is - "no knowledge." The argument will be that he is a busy CEO who did not know everything of what might be going on within the company. He called what happened a "classic run on the bank."
Ken Lay is a very different witness from Jeff Skilling. With his strong defense, his credibility will be tested when the prosecution goes to cross-examine him.
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