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Friday, February 03, 2006

ENRON TRIAL - DAY 3

As Dan Whitcombe reports for Reuters, prosecutors in the trial against former Enron CEOs Ken lay and Jeffrey Skilling have used their first witness to paint a picture of lies and deceit by the men to cover up the company's shaky finances.

The witness, Mark Koenig, was Enron's chief of investor relations, putting him in position to witness at least two efforts by Lay and Skilling to artificially raise the company's earnings to meet or beat Wall Street's expectations so that the stock price would rise.

Koenig is one of 16 former Enron employees and execs to plead guilty to actions taken during their stint at Enron. Lay and Skilling have, of course, high-priced lawyers which will do every high-priced lawyer trick in the book, including going after Koenig's credibility. Regardless, the consensus among legal observers is that the first week went passably well for the prosecution. Defense lawyers will cross-examine Koenig starting next week.

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