Enron Resource Center
Verdict is read for jury trial and bench trial against Mr. Lay
Court Transcripts:
U.S. v. Jeffrey Skilling and Kenneth Lay
- Monday, January 30th 2006 – Volume 1 – Jury selection in U. S. v. Ken Lay and Jeffrey Skilling
- Tuesday, January 31st 2006– Volume 2 – Opening statements
- Wednesday, February 1st 2006– Volume 3 – Former Enron employee Mark Koenig testifies as government’s first witness
- Thursday, February 2nd 2006 - Volume 4 - Koenig continues testimony to say that former Enron CEO Jeffrey Skilling provided misleading information
- Monday, February 6th, 2006 - Volume 5 - Koenig states that Lay and Skilling were aware of altered earning reports
- Tuesday, February 7th, 2006 - Volume 6 - Jury watches video of Ken Lay and Jeff Skilling in better days
- Wednesday, February 8th, 2006 - Volume 7 - Jurors learn that investors were questioning strength of Enron business nine months before Enron bankruptcy
- Thursday, February 9th, 2006 - Volume 8 - Koenig acknowledges that Lay stepped into more detailed management when he resumed CEO position after Skilling resigned
- Monday, February 13th, 2006 - Volume 9 - Jury listens to quarterly earnings conference call tape where Ken Lay discloses large quarterly losses and a writedown in shareholder equity, six weeks before bankruptcy proceedings
- Tuesday, February 14th, 2006 - Volume 10 - Kenneth Rice testifies on Skilling's goal to portray Enron as a company with steady growth instead of a trading company
- Wednesday, February 15th, 2006 - Volume 11 - Government witness Kenneth Rice testifies about a flailing business unit’s strength, and states that he never corrected Jeff Skilling on his statements to analysts
- Thursday, February 16th, 2006 - Volume 12 - Kenneth Rice, former head of Enron’s Broadband Services, testified that Jeffrey Skilling directed him to mislead the Enron board of directors
- Tuesday, February 21st, 2006 - Volume 13 - Former VP of Investor Relations and Corporate Secretary for Enron’s board, Paula Rieker testified that Skilling ordered sudden last-minute changes to earnings reports to please investors
- Wednesday, February 22nd, 2006 - Volume 14 - Jurors watch video in which Ken Lay told employees he would lead the company until the board dismissed him or Enron regained its previous stature. More testimony from Paula Rieker
- Thursday, February 23rd, 2006 - Volume 15 - Paula Rieker testifies that while she observed concerning behavior by top executives at Enron, she didn’t think crimes were committed
- Monday, February 27, 2006 – Volume 16 - Wesley Colwell, former top accountant for Enron’s trading division, tells jurors in Houston that he helped the company fraudulently manipulate earnings
- Tuesday, February 28, 2006 – Volume 17 - David Delainey, former chief executive of Enron's wholesale trading division, testified that executives asked the trading unit to fill earnings gaps by other divisions
- Wednesday, March 1, 2006 – Volume 18 - David Delainey testifies that he and the Enron management team lied to employees, shareholders, and the public investing community
- Thursday, March 2, 2006 – Volume 19 - Kevin Hannon, former COO of Enron’s broadband unit, testifies that Jeffrey Skilling told other executives “they’re on to us,” when an article critical of Enron's sales to partnerships was was published
- Monday, March 6, 2006 – Volume 20 - Government witness Kevin Hannon continues testimony, discusses accuracy of Enron earnings statements
- Tuesday, March 7, 2006 - Volume 21 - Former Executive Vice President and Chief Financial Officer of Enron, Andrew Fastow, begins testimony
- Wednesday, March 8, 2006 - Volume 22 - Fastow is examined by Skilling lawyer Daniel Petrocelli, who suggests he is setting up his former bosses to save himself a life prison term
- Thursday, March 9, 2006 - Volume 23 - Fastow testified that he made improper deals with Skilling but admitted he has no proof
- Monday, March 13, 2006 - Volume 24 - Defense lawyers completed cross-examination Monday of government witness Andrew Fastow, challenging his credibility, but Fastow is consistent with previous witnesses
- Tuesday, March 14, 2006 - Volume 25 - Testimony by Chris Loehr, former investment analyst with Fastow’s partnerships, Johnnie Nelson, former Enron pipeline employee and Vince Kaminsky, former risk management executive
- Wednesday, March 15, 2006 - Volume 26 - Sherron Watkins, former Enron accountant and "whistleblower", testifies on her discoveries of problems and coverups at Enron
- Thursday, March 16, 2006 - No proceedings held
- Monday, March 20, 2006 - Volume 27 - John Sult, a former partner at Arthur Andersen, testified that he was unable to discover any growth strategy for Enron’s water subsidiary
- Tuesday, March 21, 2006 - Volume 28 - Former Enron Corp. treasurer Ben Glisan Jr. testified that Lay and Skilling were aware of financial problems
- Wednesday, March 22, 2006 - Volume 29 - Glisan's testimony is first in trial to indicate that Skilling approved publication of deceptive financial statements
- Thursday, March 23, 2006 - Volume 30 - Ben Glisan tells jurors that Skilling endorsed use of an off-the-books partnership to "circumvent the accounting rules"
- Monday, March 27, 2006 – Volume 31 – Examination of Ben Glisan and Glenn Ray completed and prosecution rests
- Tuesday, March 28, 2006 - Volume 32 - Agreed stipulations by the parties on facts of Jeffrey Skilling's stock sales provided
- Monday, April 3, 2006 - Volume 33 - Defense testimony begins! Joannie Williamson, former assistant to Lay, Skilling and Mark Koenig testified that Koenig perjured himself. Rogers Herndon, Diann Huddleson, Scott Stoness and Sarah Davis also testified
- Tuesday, April 4, 2006 - Volume 34 - Sarah Davis, former human resource supervisor testified that layoffs at Enron were actually redeployments. Wade Cline, Enron’s current General Counsel also testified
- Wednesday, April 5, 2006 - Volume 35 - James Derrick, Enron's former GC testified that Enron's earnings reports were not meddled with by Skilling
- Thursday, April 6, 2006 - Volume 36 - James Derrick testified that the company's annual and quarterly earnings reports contained no "false or misleading" information from 1999-2001
- Monday, April 10, 2006 - Volume 37 - Jeffrey Skilling begins testimony and states he is innocent
- Tuesday, April 11, 2006 - Volume 38 - Skilling denies concocting a conspiracy of lies about the strength of the company
- Wednesday, April 12, 2006 - Volume 39 - Guided by attorney Daniel Petrocelli, Jeff Skilling denied each accusation against him and explained his reasons
- Thursday, April 13, 2006 - Volume 40 - Skilling accused the government of distorting the truth about Enron’s collapse and called the allegations against him “absurd"
- Monday, April 17, 2006 - Volume 41 - Jeff Skilling's cross examination becomes tense. Skilling stated he has “nothing to hide” when questioned about rehearsing his testimony
- Tuesday, April 18, 2006 - Volume 42 - Skilling challenged by prosecution attorney Sean Berkowitz about whether Enron used fraudulent financial structures backed by company stock to falsify numbers and hide losses
- Wednesday, April 19, 2006 - Volume 43 - Prosecution completes first round of initial cross-examination to start second round of questioning by Daniel Petrocelli
- Thursday, April 20, 2006 - Volume 44 - Testimony by Jeffrey Skilling concluded with denial that he was untruthful on taxes. Skilling’s ex-wife and other witnesses examined
- Monday, April 24, 2006 - Volume 45 - Kenneth Lay began testimony and denied lying to employees and investors about the financial state of Enron
- Tuesday, April 25, 2006 - Volume 46 - Lay stated that when he stepped back in as CEO he believed Enron’s finances were healthy until the collapse of the company
- Wednesday, April 26, 2006 - Volume 47 - Cross examination of Kenneth Lay begins. Prosecution confronted Lay with accusations of witness tampering
- Thursday, April 27, 2006 - Volume 48 - Prosecutor John Hueston presented documents and other evidence to try to show that Ken Lay lied to investors before Enron collapsed. Lay stated that he told the truth as he knew it
- Monday, May 1, 2006 - Volume 49 - Lay testified about his expensive lifestyle and living expenses
- Tuesday, May 2, 2006 - Volume 50 - Ken Lay completed testimony. Federal prosecutor John Hueston questioned Lay about his claims that he takes responsibility for what happens at Enron, but not for any criminal activity
- Wednesday, May 3, 2006 - Volume 51 - Expert testified that Jeffrey Skilling did not mishandle company reserve accounts to increase Enron earning reports
- Thursday, May 4, 2006 - Volume 52 - Lay’s 90% Enron stock portfolio proved that he was optimistic of the company’s status, according to an economic expert who testified yesterday
- Friday, May 5, 2006 - Volume 53 - Motion Hearing. Government's motion for production of expert demonstratives for Greg Jarrell and Robert McKay
- Monday, May 8, 2006 - Volume 54 - Defense Rests. Witnesses Margaret Nadasky, Ed Young, Michael Muckleroy, Charles Davidow and Patti Klein examined
- Wednesday, May 10, 2006 - Volume 55 - Judge Lake rules on jury instructions in charge conference. Jurors can find Enron's former executives guilty of “deliberate ignorance”
- Friday, May 12, 2006 - Volume 56 - Charge conference
- Monday, May 15, 2006 - Volume 57 - Kathryn Ruemmler conducted closing arguments for the prosecution, stating that Lay and Skilling committed crimes through accounting tricks, fiction, hocus-pocus, trickery, misleading statements, half truths, omissions and lies
- Tuesday, May 16, 2006 - Volume 58 - During closing arguments, defense attorneys for Ken Lay and Jeff Skilling dismissed claims of an Enron conspiracy, saying that the prosecution witnesses were “robbed of their free will” by the government
- Wednesday, May 17, 2006 - Volume 59 - Prosecutor Sean Berkowitz completed closing arguments Wednesday and asked the jury to convict Skilling and Lay on charges against them. Jury began deliberations
- Wednesday, May 24, 2006 - Volume 60 - Jurors requested list of trial exhibits and transcripts of trial testimony
- Thursday, May 25, 2006 - Volume 61 - Verdict is read for both jury and bench trials
U.S. v. Ken Lay
- Thursday, May 18, 2006 - Volume 1 - Opening statements in trial against former Enron CEO Ken Lay begins. Prosecutor Robb Adkins stated that Lay repeatedly violated Regulation U, a rule put in place after the 1929 stock market crash to protect banks from borrowers who speculate in the stock market
- Monday, May 22, 2006 - Volume 2 - Lay testifies he was not aware that he was breaking the law by using money from certain loans to invest in stock
- Tuesday, May 23, 2006 - Volume 3 - Ken Lay admitted buying shares with loans but said he couldn't recall being told about the rule, or that he was not complying with the agreements. Lay’s banker gave evidence that the rules had been explained
- Thursday, May 25, 2006 - Volume 61 - Verdict is read for both jury and bench trials
Transcripts are posted each night at www.exemplaris.com. If you do not yet see a caption for your transcript on this page, log in with your free account at www.exemplaris.com to find the latest.
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