The only former Enron executive to go straight to prison after pleading guilty to a crime testified Tuesday that former company chiefs Kenneth Lay and Jeffrey Skilling lied about Enron's strength in 2001 when it was failing. Ex-treasurer Ben Glisan Jr., on furlough from prison, said that by the summer of 2001, Enron was burdened with crushing debt, company operations were generating paltry cash flow and several business units were flailing -- and Lay and Skilling knew it.
March 22, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
The only former Enron executive to go straight to prison after pleading guilty to a crime testified Tuesday that former company chiefs Kenneth Lay and Jeffrey Skilling lied about Enron’s strength in 2001 when it was failing.
“It was weak,” Ben Glisan Jr., on furlough from prison, said of Enron’s financial state by the time Skilling resigned as chief executive officer in August 2001 and Lay hurriedly resumed the role he had ceded to his No. 2 just six months earlier.
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