First Day of Testimony Damning for Skilling and Lay

Law360, New York (February 1, 2006, 12:00 AM EST) -- The former head of Enron’s investor relations told a Houston court that chief executives Kenneth Lay and Jeffrey Skilling fudged quarterly earnings at least twice while dismissing analysts too critical of the company’s financial dealings, as the opening day of testimony in Houston unfolded.

Mark Koenig, the first witness in Lay and Skilling’s highly-anticipated fraud and conspiracy trial, testified that the two executives were primarily concerned with meeting Wall Street expectations, not with saving the company from bankruptcy.

The alleged ambition caused them to beef up...
To view the full article, register now.