Lay Points Finger At Fastow For Enron Collapse

Law360, New York (April 24, 2006, 12:00 AM EDT) -- The biggest mistake former Enron chief Kenneth Lay ever made was hiring Andrew Fastow, and the second-biggest mistake he ever made was promoting him to chief financial officer, Lay said in his testimony yesterday.

Lay blamed Enron’s collapse on a “run on the bank,” unwaveringly maintaining his stance that Enron was essentially a good company, brought down by fraud committed by a few “bad apples.”

“I have said before I accept full responsibility for everything that happened at Enron. Having said that I can't take full...
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