By Andrew L. Jaffee, January 22, 2004
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Enron: Yet Another Step Closer to Ken Lay
By Andrew L. Jaffee, January 22, 2004 |
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Enron's former Chief Accounting Officer (CAO), Richard Causey, turned himself in to federal authorities today. Causey reported directly to Enron's former CEO, Ken Lay, and probably knows all sorts of things about Ken's alleged involvement in the company's collapse (destruction of shareholder value and employee livelihoods). More and more ex-Enron employees are being indicted/arrested for their parts in the scandal (see links below). According to CNN.com,
Prosecutors allege that Causey, Enron's chief accounting officer from 1996 to 2002, worked side-by-side with Fastow [former CFO now serving 10 years] to help manipulate the books and earnings at the failed energy company.
The case against Causey is another piece in the puzzle as federal prosecutors try to build their case against Enron's former CEO Jeffrey Skilling and former Chairman Kenneth Lay. Both men are being investigated but neither has been formally charged, and both have maintained they did nothing wrong.
Sure Lay and Skilling knew nothing. They were just responsible for running all of Enron. Justice will catch up with them. If you're interested in following the Enron saga, or more generally in the collapse of the 1990's economic bubble, then check out the following stories: