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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.