Kenneth Lay

Kenneth Lee Lay (born April 15, 1942) is an American businessman and former CEO of Enron Corporation. Lay was the CEO and chairman of Enron from 1986 until his resignation in January 23, 2002, except for a few months in 2001 when he was chairman and Jeffrey Skilling was CEO. Enron and Ken Lay have become synonymous with corporate scandal.

Related Topics:
April 15 - 1942 - CEO - Enron Corporation - 1986 - January 23 - 2002 - 2001 - Jeffrey Skilling

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Born into poverty in Tyrone, Missouri, Kenneth Lay came from a family so poor that they were not always able to celebrate holidays, eating cold-cuts one Thanksgiving. The son of a Baptist preacher and some-time tractor salesman, Kenneth Lay always kept a sense of optimism and had the credo that ?things would work out.? His has been described by his undergraduate classmates at the University of Missouri as industrious and high-minded, and served as president of the esteemed Zeta Phi chapter of the Beta Theta Pi fraternity at the U. of Missouri and got his doctorate at Houston. Kenneth Lay learned favor-trading and influence peddling in the early ?70s as a federal energy regulator. By the Reagan administration, when energy was deregulated, Kenneth Lay was already an energy company executive and he took advantage of the new climate by merging Houston Natural Gas Co. with Nebraska-based Inter-North.

Related Topics:
Missouri - Baptist - University of Missouri - Zeta Phi - Beta Theta Pi

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A number of books have been written on Lay and Enron including Conspiracy of Fools (2005) and The Smartest Guys in the Room (2003). The Smartest Guys in the Room was adapted into a documentary film, released in 2005.

Related Topics:
Conspiracy of Fools - 2005 - The Smartest Guys in the Room - 2003 - Documentary film

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Lay sold large amounts of his Enron stock in September and October of 2001 as its price fell, while encouraging employees to buy more stock, telling them the company would rebound.

Related Topics:
Stock - 2001 - Employee

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Lay liquidated more than $300 million in Enron stock from 1989 to 2001, mostly in stock options.

Related Topics:
Liquidate - 1989 - Stock option

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On July 7, 2004, Kenneth Lay was indicted by a grand jury in Houston, Texas for his role in Enron's collapse. Lay was charged, in a 65-page indictment, with 11 counts of securities fraud, wire fraud, and making false and misleading statements. If convicted on all counts, Lay faces a sentence of 175 years in prison.

Related Topics:
July 7 - 2004 - Grand jury - Houston, Texas - Securities fraud - Wire fraud

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Kenneth is known to be a very close personal friend of current US president George W Bush, and was one of the largest contributors to his presidential campaigns.

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