This post is part of a feature in which we wonder whatever happened to some notorious financial felons. See all 17.In my 20-year career as a financial writer, there have been a number of times when I've been truly shocked by news events. This year has had more than its share -- with Lehman's bankruptcy and Merrill Lynch's forced sale and Eliot Spitzer's prostitution scandal at the top of the list.
But in 2006, probably the biggest shock was when Enron founder Ken Lay died suddenly of a heart attack. He had been convicted just six weeks earlier of 11 counts of securities fraud and related charges. At age 64, he seemed destined to spend the rest of his life behind bars. His sentencing was set for Oct 23.
But Lay died on July 5 while vacationing at Snowmass, Colorado. George H. W. Bush was among the 1,200 guests at his funeral.
Lay's detractors howled in protest. Some thought he had somehow faked his death.
Others knew instantly that this meant his conviction wouldn't stand. And, indeed it was vacated a couple of months later. The law dictates that when someone dies before using up all their available appeals, the conviction doesn't count.
According to the letter of the law, Ken Lay 'got away' with his Enron crimes. But it took his death for that to happen. And his name certainly wasn't cleared. For most Americans, Ken Lay still stands for the worst in corporate corruption and greed.
Closing Bell: When We All Love the PIIGS (NBG, SQNM, PG, ERTS, KO)
Serious Money: Cheapest Stocks List Shrinks from 26 to 21
Chasing Value: Hasbro Earnings Makes My Point
Reader Comments (Page 1 of 1)
11-19-2008 @ 10:30AM
tim said...
Did anyone actually see his body at the wake? Wasn't his family allowed to keep all the money he swindled?
11-19-2008 @ 1:30PM
Helen said...
I don't believe he died. He's on some island that Bush flew him to. Hopefully, it's the same one Bush will go to when he leaves office, so we don't have to look at his face again.
11-19-2008 @ 10:44AM
patco said...
body was cremated extremely fast. he was viewed in a dark surburban crossing into mexico a few days later. this guy has had plastice surgery and livng the good life
11-19-2008 @ 11:17AM
pghcream said...
Another example of the priviledge that the devils have. This coward supposedly died from "fear" when he allegedly died from a heart attack. This may seem harsh, but I don't give a rat's azz, I really do hope he's dead. He ruined the lives of family, friends, strangers, and the economy of Texas.
11-19-2008 @ 12:24PM
MB said...
Does anybody know where his wife and family are? I am pretty sure you will find him near by. No way he is dead.
11-19-2008 @ 12:16PM
don said...
do you realy belive that lay died the body was cremated no DNA know some one in his place a homless man with make up remember Bush went to the wake to smooth things over-who was the coroner some one who did not no what he looked like--he got away with millions
11-19-2008 @ 1:33PM
TurnOfftheBoobTube said...
Of course Ken Lay isn't dead. You'd have to be the worst kind of naive fool to think that a swine like him very "conviently" had a heart attack and die.
Once a liar, always one.
11-19-2008 @ 1:38PM
RONNIE said...
WHEN BUSH IS INVOLVED THERE STANDS ENOUGH REASON TO BE APPREHENSIVE.. THIS GUY ,ONE OF THE BUSH BOYS,SCREWED THOUSANDS OF PEOPLE OUT OF THEIR PENSIONS,AND GAVE A SHIIT LESS ABOUT HIS FELLOW HUMAN BEINGS,, UNFORTUNATELY HE DIED OF A HEART ATTACK,, HE GOT OFF EASY.. THOSE FOLKS THAT SUFFERED THE FINANCIAL LOST OF THEIR HARD EARNED PENSIONS SHOULD HAVE HAD A SHOT AT HIM,,PUBLIC EXECUTION BY THEM WOULD HAVE BEEN EVEN TO LIENIENT FOR THAT DOUCHE-BAG.. I FIND IN QUITE INTERESTING THAT ENRON (BUSH ASSOCIATES)WAS FRONT PAGE NEWS,AND CONVENIENTLY DISSAPEARED AS 9/11 OCCURED,, COINCIDENCE??? I THINK NOT.SINISTER THINGS HAPPEN WITH THE BUSH/CHANEY BOYS... JUST FOOD FOR THOUGHT
11-19-2008 @ 2:00PM
NELL HARD said...
I TRULY THINK HE STILL LIVES. ITS HARD TO BELEIVE A PERSON CAN BE A LIAR..CAN DIE LIKE THAT. WHERE IS HIS WIFE WILL GOD FORGIVE HIM WILL WE SEE HIM AGAIN..EVER.
11-19-2008 @ 1:54PM
Jayne said...
And you really believe Ken Lay is dead?? HAHA he is sipping Margaritas somewhere far, far away, and having a good laugh.
11-19-2008 @ 4:44PM
barefoot said...
Ken Lay/Enron roll over on 3.5 mil in debth owed to a new business owned by my family. We could not recover and lost everything including our good name. Does not seem fair that his family got to keep everything.
11-21-2008 @ 10:24AM
neuticles said...
Since he was pals with Bush I;m sure
"w" arranged a smoke screen. Why doesn't some investigative journaiist seek out the truth on Ken Lay?
11-21-2008 @ 9:50PM
joe said...
Dead!, yeah right Americans are not that dumb, wait a minute maybe we are
11-22-2008 @ 9:29AM
eeh said...
ken he lay in peace,,lol,,,lol,,,,lolll wooo hooo im funny!!!
11-22-2008 @ 10:23AM
porno the clown said...
ken lays demise may have been a vince foster accident.like senator sonny bono running into a tree.