Addict (drugaddict) wrote,

corporate excess and corruption - Ponzi's Scheme - Mr. Lay, 64, and Mr. Skilling, 52, are the most p

Both Lay, who once mingled with members of the Bush family and earned the nickname "Kenny Boy" from the president, and Skilling, who during boom years persuaded Wall Street analysts of Enron's genius and his own, took the witness stand in an effort to deploy their legendary salesmanship on their own behalf. But, in a total of 14 days of testimony, neither man proved convincing, jurors said.

Now the two men, who together invested close to $70 million in their defense, face the possibility of spending the rest of their lives in prison and living in history as the ringleaders of a fraud at a company whose name became synonymous with accounting tricks and rule-breaking.

Kenneth L. Lay, right, was convicted on all six counts against him, and Jeffrey K. Skilling was convicted on 19 of the 28 counts against him and acquitted on the remaining nine. 

Mr. Lay, the company's founder, was the public face of Enron. Known for his close ties to President Bush's family, he built Enron into a symbol of civic pride and envy here in its Houston hometown and throughout the financial world. 

Mr. Lay, 64, and Mr. Skilling, 52, are the most prominent executives to be convicted in a recent corporate fraud case.

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