Enron's Ex-Treasurer Points Finger At Lay, Skilling

Law360, New York (March 22, 2006, 12:00 AM EST) -- Desperate to keep Enron Corp.'s investment credit rating high, the energy giant’s top executives hatched a plan to restrict write-offs and embrace increased trading risks, Enron’s former treasurer testified on Wednesday.

During his first day on the stand, Ben Glisan, Jr. alleged that former chief executive officer Kenneth Lay and other officials vetoed more than $1 billion in write-downs at Enron’s struggling telecommunications, retail energy and international power businesses.

Lay was fearful that a larger write-down would prompt a credit-rating downgrade, potentially devastating Enron’s money-making trading...
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