Wednesday, April 26, 2006

From Everything To Nothing

Most of you have heard of the former oil giant, Enron. Kenneth Lay the former chairman of Enron Corporation testified in court today and called government charges against him "cockamamie”. Here is Kenneth Lay’s past and present by the numbers:

-- Net worth, 2000: $350 million.
-- Net worth, 2001: $50 million.
-- Net worth, today: "More or less zero," Lay said. When pressed, he said it was around $250,000.
-- Total personal debt, at its height: $100 million.
-- Total compensation, 1999-2001: $223 million.
-- How much of that went to living expenses: $23 million.
-- How much given to charity: $25 million.
-- Amount of bonus received for becoming chief executive in August 2001: $10 million.
-- Number of houses: At least seven, including one in Houston, three in Aspen, Colo., three in Galveston, Tex.. The six houses outside of Houston were sold to pay legal bills. The houses in Aspen were sold for $20 million.
-- Total amount he borrowed from Enron in 2001 via special line of credit for executives: $77.5 million.
-- Total repaid to Enron in 2001 via Enron stock: $70 million.

Kenneth Lay’s wealth – once over 350 million dollars- is now reduced to less than 250,000. This should be a good lesson for those executives who love to squeeze the numbers and think that their connections to some officials can buy them immunity from justice.


Source: The Washington Post

hahaha. good point, too bad our government blew the opportunity to do something about corporate greed when the public support was there!
~ TY
You listening to Matisyahu?
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