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Enron Founder Dead

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by the admiral 1 view

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""Ken Lay passed away early this morning in Aspen," Lay family spokeswoman Kelly Kimberly said in a statement.

Lay, 64, was awaiting sentencing later this year and was expected to face decades in prison for his convictions in the Enron collapse.

Lay and former Enron Chief Executive Jeffrey Skilling were convicted of fraud and conspiracy for hiding the financial ruin at Enron, which tumbled into bankruptcy in December 2001. "

From Reuters.

My question is - should we care? We know and understand that Lay was the epitome of every single CEO out there who hides information pertaining their corporation, and his downfall, made public. But should we care that he died in his Vacation home? I mean after all, this dude filed for bankruptcy and kept most of his assets, then passed away.

24 replies

by maecuff

I'd never celebrate the death of another human. With that being said, Sarbox compliance has been my life for over a year now. However, with every argument I've had with an auditor, every stupid, useless control I've had to put in place, I've wanted to kick Ken Lay in the, well, you know. And that is just my little world. I'm sure the Enron employees who were screwed over by the guy have even stronger feelings on the subject.

Sorry the guy had to go, but we all do sometime. Guess he won't have to worry about that lengthy prison sentence he had looming over head.

by tig2

Perhaps a prayer for his soul would be fitting.

I think that it bites that he will never serve time. I think is it outrageous that he was the epitome of what is wrong in America- the wages of sin are about $5M.

Hopefully all Lay will be remembered for is that which he did wrong.

by jdclyde

That is exactly what bankruptcy IS. PROTECTION from your creditors so you DON'T lose all of your assets.

As for Lay himself, his death is news only for the people that know nothing of the case but still wanted his head on a pike. 98% of the people that want his head on a pike are too stupid and/or lazy to even know what it is Lay did in the first place.

I am surprised the stress of all this didn't finish him off a long time ago, either from heart failure or some bizare hunting "accident".

by j.lupo

his preacher in Texas said it was a heart attack although the doctors and family are keeping quiet right now.

by the admiral

Yeah, I agree - but I have a fundamental problem with someone who says they are broke and they take their $600 Million Dollar Yacht out for a week trip.

Or they pass away in their million dollar Vacation home.

by j.lupo

that this may cause a problem with them getting the 43+ million back that they were going after him for. Once he was found guilty they were trying to get some of the money back even though he filed for Bankruptcy. This will make it much harder since now they have to go after his estate which is bankrupt.

by scifiman

I don't know about Texas probate, but an estate is usually the same as a person, requiring paying taxes and certain other obligations. Although the rich usually have advantages in this beyond normal men.

To bad he died before serving time. But other than a few years of some stressful days, it worked out very well for him. His family remains rich off the backs of others. If he has kids I sure hope they don't go into business.

by wingedmonkey

for those that lost too much.
My mother lost $30,000 when Enron went down. Bless her soul, thankfully she was able to keep her home, car and pets.

Oh who am I kidding, I'm only peeved cause I was looking to grabbing a chunk of that in her Will.

by the admiral

I have an auctioneer license that I am willing to put to use to recover the 43 million from his assets.

by j.lupo

still looking for a way to get the 43 million, it just complicated their case with him dead. Figures he would find a way to "screw" with everyone right at the end.

by jmgarvin

Ken Lay (and his cronies) bilked the consumer and their employees (who could not diversify easily) out of millions (if not billions).

I don't think many will cry over his death. I honestly could care less that he is dead. I think the other CEOs (MCI/Tycho/etc) should also be so lucky.

by cuteelf

In human years, he wasnt that old, to be honest.

I honestly believe that he will have to come back (as another human) and have the crappiest life, to even out all the misery that he and his company caused.

It does even out in the end, it's just the End is too far for most humans to see.

Let's just thank everything that he's gone now, and we can focus on better things in this world.

CuteElf

by j.lupo

live long enough to have everything taken to provide restitution to those he defrauded. Now that may not be possible.

by jck

Ken Lay will come back and grow up to be a crack-addicted male prostitute living in a drughouse and having to earn ?5 a trick in the run-down streets of eastern Europe.

God forgive him...cause I sure won't.

by jkaras

That would suck if he faked his death. If I had ohh let say 40+ millions and about to go to the pokey for the rest of my life I would try just about anything. Family keeping quiet about the death huh? hmmmm...

I'm not saying he did, but if I were him, I would. What burns me is the family gets to reap the benefits of his horrific work. I think they should have to make restitution to those "bilked". I think they should get the snubbing that O.J. gets, spitting the their food, getting flipped off in traffic, and getting ripped off from any service to handle their estate. Is that a wrong attitude since they didnt do the deed, the father did? Maybe but they took the money and are going to live quite fatly knowing full well that people's lives were ruined. All I can hope for is a few gold diggers and poor money management to put them in the poor house.

by johnaaaaaa16

It sounds like you think the sins of the father should be visited upon the sons. That is, you want to make others suffer for the actions of one bad man.

I think the best way would be to investigate where the money went and take it all back. If it went to real estate, take it. Bank accounts, freeze them. Food for the poor, well, I guess you can't take back everything.

Still, I don't believe people should suffer for something they didn't do.

I also believe people should not benefit from the ill-deeds of others.

by the admiral

Following the money trail, if the money was acquired by fraud, then it is not the son's money to have. Now that he has passed, the civil portion will go on, but before his estate is settled, the civil portion has to be.

by jkaras

like I said it's that juvinile justice that they shouldnt get to benefit from ill gotten gains. The money/land is untouchable and it set it up that way. That is why Florida is so popular with rich people, because your home is protected against bankrupcy since we are a retirement state.

I agree with you about the sins of the father, but we are talking about ill gotten money that they know the origin and circumstances of that money. If anyone tries to take it, they will fight for every last cent with the best lawyers. It's karma's turn to set things straight. I'm sure karma wont disappoint. Any takers on scenarios they want to share on their downfall?
It would be cool if the money became like some kind of Monkey's paw.
Personally I think he committed suicide rather than go to jail. I'm sure they paid off the coroner to save face. Let's face it that was record time for a report, rather than he died and results will follow from a coroner. It was like he was waiting in the wings for the so called heart attack during the holiday weekend. I hope a guard sells admission to a necrofiliac has a ball with him and somehow in the after life he feels it like the old joke that Sam Kennison used to do in his act.

by gilsbugs

I recall seeing an interview with this elderly emron employee,she was weeping because as she said "I've lost everything". The heart breaker was when she said "I have to start all over again". Believe me, she was in her sixties. The dirty money is still there, but it's cursed....

by onbliss

I just heard it on the radio this morning and read some reports where it suggested that Lay was very open about his religious beliefs and he prayed etc., and then it makes me wonder on his actions. I am not naive enough to believe religious people do not commit crimes, I am just analyzing that piece of news and putting it into perspective on a white-collar crime.

My question is this, though the Jury found him guilty on counts of conspiracy and fraud, did he acknowledge or think that he had committed those crimes, or did he believe that he was just doing his job of running a company.

by oy

I guess I've pretty well soured on most of our 'Captains of Industry', but given his past history this guy could be laughing his ass off somewhere in the islands. When they mentioned his vacation home I about died myself. I'm going to spend all Summer catching up on my winter heating bills. I guess it doesn't pay to be on the straight and narrow. (At least not as well). I'm not even sure I believe he's dead.

by jsullo

Perhaps, they found a homeless man who fit his general description. The Family will meet up with him later in some remote compound in Mexico or where ever.

by gilsbugs

I met a lady that recently finished 8years of duty working for the pentagon in "military intelligence". She wouldn't say much of what she saw or did, she would just say "don't believe what you see on tv". That was a just flat out response when I continued my attempt to extract any little tidbit she may slide by. My inquiring mind, began to make her nervous, she is open to prosecution if she burps out any info, and never knows if someone is checking on her. I believe the pentagon should be hacked to pieces but that's another story. Basically, we will never know the truth---corporate amerika will make sure of that. Do you really the top guns are going to take the fall, there is always the fall guy to take the heat, and THAT is what Lay gets paid for and do you think they want him talking? How long in prison before he breaks? We will never see the puppet masters.

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