The Case Against Ken Lay

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In the wake of the indictments, the behavior of Enron's former management team has run the gamut from arrogant (this spring Causey asked a judge to unfreeze some of his assets to pay for a country-club membership) to paranoid (in April, Skilling got picked up by police following a drunken scuffle in which he accused fellow bar patrons of being undercover FBI agents) to surprisingly defiant. Lay launched a p.r. blitz last week, using a post-indictment press conference to express grief at his failure to save the company while angrily proclaiming his innocence. "Failure does not equate to a crime," he said. The question is whether jurors will agree.