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Former Enron chairman pleads the Fifth

U.S. lawmakers criticized a tight-lipped Kenneth Lay, the former Enron Corp. chairman, on Feb. 12 as he declined to testify about the energy giant's collapse. The collapse was a result of dubious business dealings and questionable accounting.

Once mentioned as a possible energy secretary in the administration of U.S. President George W. Bush, a grim-faced Lay listened to 90 minutes of lecturing by members of the Senate Commerce Committee.

Lay, who withdrew from voluntary testimony citing a "prosecutorial" atmosphere in Congress, was forced to appear by subpoena. He said he really wanted to talk, but that his lawyers had advised him to exercise his constitutional right to remain silent.

Some of the harshest criticism came from Republicans, whose party was the biggest recipient of Enron's generous political donations.

"I'd say you were a carnival barker, except that wouldn't be fair to carnival barkers — a carny will at least tell you up front that he's running a shell game," said Sen. Peter Fitzgerald, an Illinois Republican.

Committee Chairman Ernest Hollings said he hoped the Enron saga would lead to reforms on campaign financing. Hollings referred to Lay by a nickname Bush used in the company's better days.

"There's no better example than Kenny Boy (of) cash-and-carry government," said Hollings

Shukan ST: Feb. 22, 2002

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