Saturday, July 10, 2004

Former Enron Chief Pleads Not Guilty

Former Enron Corporation Chief Executive Kenneth Lay has pleaded not guilty to charges connected to the financial collapse of the energy trading company he headed. Mr. Lay appeared in a Houston federal court Thursday and was released on payment of a $500,000 bond. The case is part of an effort by U.S. authorities to restore confidence in the stock market and U.S. business in general.
The indictment unsealed in federal court charges Kenneth Lay with 11 counts including conspiracy, wire F., securities F. and bank F. In an appearance before reporters in downtown Houston only a couple of hours after his court appearance, Mr. Lay denied any wrongdoing.
"As CEO of the company I accept responsibility for Enron's collapse, however that does not mean I knew everything that happened at Enron and I firmly reject any notion that I engaged in wrongful or criminal activity," he said.
Overall attack against corruption