Posted on 05/26/2006 10:34:35 AM PDT by NormsRevenge
Even though it was mostly "thin air," KennyBoy and others managed to take out several hundred million real dollars. I still can't get over that ... one year alone, Lay cashed in $250 million worth of stock. He now says he's broke and owes $250,000.
How in the world does someone run through that much money on just houses and cars and charities and stuff and not have anything left? I mean, at some point don't you ask yourself, *what the hell am I doing?*
I'll volunteer to do the research, however, to see how it *feels*!
Someone who has to be one of the smartest people on earth to get to be CEO of such an enterprise thought he could get off by pleading stupidity.
But they'll have to show the funds....which meant they've lied to the courtss in their discovery....NY Times today eytimated that Lay & Skilling spent a combined total of $70 million on their defenses..all of which was paid by company insurance policies..Sat that Kenny By has $10 mill left..and the lawyer wants an $8 mill retainer for the appeal..no way Mrs Lay lets him do that..
I'm guessing that you haven't met many of these guys.
I've met a few; and I'd say that they're generally a clever and somewhat socially skilled bunch, but not usually much more.
Most are also complete narcissists.
Places like the Cayman Islands provide services that allow people like Mr. Lay to make such claims. Note 70,000 corporations and a population of 58,000.
From the Wilkapedia:
The Cayman Islands are an overseas territory of the United Kingdom in the western Caribbean Sea comprising the islands of Grand Cayman, Cayman Brac, and Little Cayman. It is known as one of the largest tax havens in the world.
The latest population estimate of the Cayman Islands is 57,800 as of April 2006, representing a mix of more than 100 nationalities. Out of that number, about half are of Caymanian descent. About 60% of the population is of mixed race.
The Cayman Islands financial services industry encompasses banking, mutual funds, captive insurance, vessel registration, companies and partnerships, trusts, structured finance and the Cayman Islands Stock Exchange. As of December 2005, just over 70,000 companies were incorporated on the Cayman Islands including 430 banking and trust companies, 720 captive insurance firms and more than 7,000 funds.
I realize that, but things are not quite as private there as they seem to be. I know for one thing, the US can get credit card records from there and we saw some of Fastow's dealings from there. We'll see what is discovered in the upcoming civil suits.
When this first happened, I was very surprised to find that someone I knew had moved from another state and was living in KennyBoy's same high-rise building. That oilman had been tangentially involved in the previous scandal I've spoken of, with regard to Fastow.
When I delved a little further I found that he had moved ALL his companies to a Caymans headquarters, which surprised me. Usually, a person doesn't invite scrutiny like that, by having a public entity domiciled there.
Thus, I feel certain Ken and Linda are quite familiar with what they can and can't do as regards money and the Caymans trusts. There's always the Channel Islands, too - Jersey. That's another favorite.
But anything that was moved during the period already litigated will be vulnerable to seizure. I saw, however, that in this criminal trial, they seemed to have allowed only the period when Lay came back as CEO after Skilling quit abruptly.
That's a very short period of time, maybe August-December 2001. There is an enormous amount of time *before* that which may be off-limits and if so, I will be screaming - and hope that the employees and shareholders will be, too.
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