Anatomy of a Greed-Head

Prosecutor John Hueston elicited testimony on Monday about Ken Lay's lavish lifestyle, lying to employees and shareholders, and his bogus "margin calls" defense.

"You saw to it you were taken care of before the Enron employees," Hueston said. He showed the jury that Lay took a last $1 million in cash from his revolving credit line just days before he told employees that after the impending bankruptcy filing that they'd be paid a maximum $4,650 per person.
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Lay said he had to sell the stock back to the company to be able to pay margin calls on his personal loans. But Hueston showed the jury paperwork on several margin calls and they were a fraction of the amount Lay withdrew at the time.
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"We had realized the American Dream and were living a very expensive lifestyle," Lay admitted to the 12 jurors and four alternates, who watched with their usual attentive demeanor. "It's the type of lifestyle that's difficult to turn on and off like a spigot."
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