Tuesday, April 18, 2006

Enron Update - Skilling Gets Cross-Examined

As Mark Babineck reports in the Houston Chronicle, former Enron CEO Jeffrey Skilling is being cross-examined this week in the trial against Skilling and fellow former Enron CEO Ken Lay.

While Skilling and Lay face charges arising from a different series of actions, the case against both men generally boils down to the charge that they lied to investors about Enron's financial health while knowing that the energy company was in dire financial straits.

After two months of testimony from government witnesses, Skilling took the stand last week to testify he knew nothing about the illegal transactions which eventually torpedoed Enron. In the government's cross-examination of Skilling this week, Skilling continues to assert the same.

After Skilling is done, the defense will put on a few character witnesses for Skilling, followed by a few witnesses for Lay, after which Lay will take the stand to defend himself, possibly as early as next week.

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