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Enron Conspiracy Trial Begins Today

HeadlineJan 30, 2006

In business news, the trial of former Enron Chairman Ken Lay and President Jeffrey Skilling begins today in Houston. Lay faces seven charges of conspiracy, securities fraud and wire fraud. Skilling faces 31 charges of conspiracy, securities fraud, lying to auditors and insider trading. Four years ago Enron filed for bankruptcy after years of defrauding its own employees and investors. The bankruptcy put over 4,000 people out of work. Thousands of Enron employees lost their lifesavings. The trial could become a political liability for President Bush because he was closely linked to the Texas-based firm. Ken Lay and other Enron employees gave Bush some $600,000 in political donations. According to the Center for Public Integrity this made Enron Bush’s top career donor–a distinction the company maintained until last year.

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