After years of living the American dream, the past six years have been an “American nightmare,” Enron Corp. founder Kenneth L. Lay said Monday in his fraud and conspiracy trial. Lay, 64, who faces several years in prison if he is convicted on a half dozen criminal counts, took the stand in his defense for the first time, attempting to convince jurors in Houston he had done no wrong in the months before Enron collapsed.
Nightmare
Articles from Nightmare
Former CFTC Enforcement Chief Says Energy Investigations Near an End
The “long, national nightmare is over” into investigations of price manipulation and false trading within the energy merchant industry, said Michael Gorham, the former director of market oversight at the Commodity Futures Trading Commission (CFTC), echoing comments made by FERC’s William Hederman this week (see Daily GPI, Oct. 13).
October 14, 2004
Ex-SEC Chairman: ‘Culture of Gamesmanship’ Led to Enron Undoing
The financial nightmare at Enron Corp. underscores the need for increased oversight of auditors, as well as the need for greater autonomy and objectivity by the Financial Accounting Standards Board (FASB), financial analysts, corporate auditing committees and company boards of directors, former Securities and Exchange Commission (SEC) Chairman Arthur Levitt Jr. told a Senate hearing last Thursday.
January 28, 2002
California Initiates Winter Alerts
California power end users probably thought they were justhaving another nightmare Monday when the California ISO announcedStage One and Stage Two Electric Emergencies. After all, it’sNovember, not August. However, August apparently left a lastingimpression on the state’s ailing power plants.
November 15, 2000
Futures Continue to Plod Toward $2.00
Expiration day at Nymex has been a bull-trader’s worst nightmarerecently because the last several contracts have been ushered offthe board amid a tempest of late selling activity. Septemberslipped 9 cents on its last trading day to cap off a 27.5 centprice decline for the week. Likewise, October and Novemberplummeted 15 cents and 13.6 cents to settle to either side of $2.00at final settlement. And although December’s fate is far fromsealed, Monday’s 6.6-cent losses and $2.097 penultimate settlementprompted traders to wonder if the market might be in for anotherround of expiration-day losses today.
November 24, 1998
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