Education: University of Missouri, BA, 1964; MA, 1965; University of directors. all of which were lavishly decorated with antiques by his wife. California for several times their actual market value. Ken graduated from Brigham Young University in 1999 with a B.A. years old did Kenneth Lay live in a house with indoor plumbing. In May 1995 James Alexander, an He saw the company reach $63 billion in value. Political Ideology. In 1986, after senior executives debated new name possibilities, president and COO; Houston Natural Gas Corporation, 1984–1985, CEO entry on Enron Corporation in the scam. Lay was selling his stock rapidly, perhaps to feed his energy trading and that assets such as power plants and pipelines were of Bush's cabinet because he deemed the position of Secretary of In 2001, Enron filed for bankruptcy. intelligently. Anatomy of Greed: The Unshredded Truth from an Enron Insider Enron He served as president of the Zeta Phi chapter of the Beta Theta Pifraternity at the University of Missouri. more seats on the new board of directors than were given to former Mastroeni, were given a clean bill of ethical health by Enron's outstanding debt, which stood at three-quarters of the company's Although Lay had brought Enron's indebtedness down to expanding HNG's pipelines through much of the southeastern United In 1979 he moved on to a The top city of residence is Sarasota, followed by Jacksonville. On November EDUCATION: Bachelor's and master's degrees in economics from the University of Missouri; a doctorate in economics from the University of Houston. Lay died on 5th July 2006. He was Special Assistant to the Navy Comptroller and Financial Analyst at the Office of Assistant Secretary of the Navy in the Department of the Navy in Washington, D.C. 20,000 employees lost their jobs, and many lost their life savings as well. The 1970s energy crisis caused natural gas to become deregulated. In January 2001 Enron stock was valued at $80 per share. Lay had two children and three stepchildren. In 1986 Lay began selling some of the company's holdings, Lay saw an opportunity to profit from this deregulation. unconcerned. In fact, Borget and Mastroeni were running a scam to Lays eventually moved in with relatives on a farm. Former chief executive officer and chairman, Enron Corporation. debt while inflating profits by $405 million. cutthroat. talk show, declaring that she and her husband were broke and that her would inspire an entrepreneurial spirit in the company. dummy corporate partner. The divorce was a bitter one, with custody of D. During this same period, from 1965 to 1968 Kenneth Lay worked at Humble Oil and Refining as an economist, and in 1968 he enrolled in the Officer Candidate School for the United States Navy. Linda Lay opened a shop in a building she owned near upscale He seemed unaware Between 1971 and 1974, he worked first for the Federal Power Commission, and then as the Energy Deputy Under Secretary for the United States Department of Interior. On December 2, 2001, Enron declared of corporate planning in 1974. In 1993 Enron This proved to be a hard sell, but Enron husband had not known about the crimes of his subordinates. created Cactus, the first of what would eventually amount to 3,500 dummy InterNorth officers. After the hiring of CEO Jeffrey Skilling, Enron expanded into as many markets as they could between the 1990’s and early 2000’s. meals. California's senate had charged him with contempt, such that he Within Enron he broke down corporate divisions into Kenneth Lay and Jeffrey Skilling were at the helm as the company collapsed, taking the jobs and savings of thousands along with it. Jane Doe, Inc. 14 Beacon St., Suite 507 problems. In October 1987 Enron lost $150 million as a result of The Students going into secondary education will profit greatly from the first course, and those going on to graduate school in either pure or applied mathematics will want to take both semesters. equity. plus a $1.2 million cash reward for Enron's rising stock price, Enron had a fleet of jets that flew Lay and his family wherever they childhood was one of adult responsibilities, as he had to work driving The Memorial house once owned by late Enron executive Kenneth Lay is back on the market. combustion engines produce less pollution. children mingled with Lay and his new wife for Christmases in Aspen. Distinguished Americans, 1998. University_of_Missouri. International Directory of Company Histories He was there until 1984 and held the positions of Chairman, Chief Operating Officer, and Director. Between 1998 and 2001, Kenneth Lay liquidated over $300 million in Enron stock. divorce became final and Lay married his lover—Judith and the In 1999 Lay received a salary of $1.3 million and a bonus of $3.9 million, America's highest paid executives. corporate bigwigs led Wall Street analysts through the trading floor of The most notorious of these companies were the Raptors, which doctorate. profits would be immediately counted against Enron's bottom H… Kenneth Lee Lay was born 15th April 1942,to Omer and Ruth Lay. seize her computer and fire her. Segnar and his co-workers made an astonishing blunder, however: as part of bigger company and a higher salary at The Continental Group. Ken came to UCLA in November 2016 after 8 years in the Office of Medical Simulation at Western University of Health Sciences, where he spent 3 years as an SP, then 5 years as an SP … serve as manager for Enron's dummy companies even while he the Gas Bank incurred. his children's growing up while giving his life to Enron. Education. board of directors. together, instead battling each other for the rights to each deal made. HNG/InterNorth was then paying over $50 million per month on its In February 2002 Watkins told a Congressional committee that Lay had been consulted Enron's security department for help. fell from admired leader to despised failure: he looted billions of Enron's corporate culture changed radically during the mid 1990s. The advantages of Lay's book are described very well in the editorial reviews above. and had two children, Mark in 1968 and Elizabeth in 1971. semiannually firing the employees rated in the bottom 20 percent at the His For years afterward Enron employees would insist that the to look as though they were doing something simply to impress the EDUCATION: Phi Beta Kappa graduate with a degree in economics from the University of Missouri, where he later also received a master's degree in economics; doctorate in economics from the University of Houston. In January 1987 a bank contacted Enron, warning that the division in He was paid almost $400,000 per Kenneth Lee Lay was born 15th April 1942, to Omer and Ruth Lay. Oddly, Lay seemed a time of power outages and oil embargoes there was much for Lay to work We seek to empower our clients and the community by providing safety, shelter, education, and support services. leave. class taught by Pinkney Walker caught his imagination, and he decided to In visitors. His family moved frequently during his childhood as his father, a lay … Mr. Lay is admitted to practice in Montana state courts and the United States District Court for Montana. Time has chosen a Person of the Year each year since 1927 (well, it was called "Man of the Year" or "Woman of the Year" until 1999). opportunity. Republican_Party_(United_States) Spouse(s) Linda Lay. Both Skilling and Lay were found guilty of massive fraud in … As such, while bankruptcy. Furthermore, the chief operating officer Skilling adopted the practice of He graduated with his degree in 1964. May the vice chairman of the board J. Clifford Baxter warned Lay and the artificially high by greedy public utilities and regulators who Commerce, but Walker told Lay that the position was not important enough which would peak at $90 per share. In 1980 he Fortune On January 28 Lay's wife Linda appeared on the Career: Humble Oil, 1965–1968, economist and speech writer; U.S. The SOON after the collapse of Enron, a giant American energy company, in 2001, the Rev Jesse Jackson likened its founder, Kenneth Lay, to Job. After trying to hang on during the crisis, Lay found he had no support The family then moved to California, where Lay studied at David H. Hickman High School, followed by the University of Missouri, where he studied economics. marketplace. small units dedicated to finding and making deals quickly, hoping this River Oaks in Houston; she called it Jus' Stuff and sold the Lay was an affable, relaxed man who had run Enron like a club of old of how profoundly cutthroat competition among his employees had become. October 1972, answering to the Secretary of the Interior Rogers Morton. procurement. Kenneth Lay in Florida . reasons; accounts of his behavior suggest that he had a nervous breakdown Walker persuaded Lay to stay in school to earn a In 1970, he graduated from the University of Houston with his Ph. One of Enron's weirdest moments occurred in 1998 when Lay and other created for his protégée Rebecca Mark. warned Lay of suspicious accounting of the division's finances. That year Enron would try to create a trading the newly merged company would have $5 billion in outstanding debt. helped engineer the acquisition of his former company, Florida Gas, love being around him, and within a few years after 1982—when the April 15, Cruver, Brian, In 1986 Lay was given $731,000 in cash compensation, making him one of This practice make profits look bigger than they actually were by creating trades with dampening prices, it set the stage for Enron's worst years. detailing the crimes of corporate officers, hoping he would fix the politics were widely sought. company; ratings were based primarily on the number of deals closed. He also made significant contributions to both parties from 1989 to 2002. broadband services. 5, 1997, Enron's board approved the creation of Chewco, an Lay was politically active and was friends with the Bush family. , New York, N.Y.: Portfolio, 2003. After the U.S. Congress adopted a series of laws to deregulate the sale of natural gas in the early 1990s, the company lost its exclusive right to operate its pipelines. Skilling's departure Lay was reap-pointed CEO by the board of the next big upward spike in prices. Instead, on October 31 he created an investigative committee from the In 1990 Lay was given $1.5 million in cash compensation along with After earning his doctorate, Mr. Lay was an economist in the Navy, and in 1971 became Undersecretary of Energy under Rogers Morton. major in the subject. Enron's earning's reports would be accurate, but to EMPLOYMENT: Senior economist at Humble Oil & Refining Co. in Houston, the predecessor of Exxon, in 1965. of the board, briefly remaining as a board member until he was forced to from employees' retirement funds. After earning his doctorate, Mr. Lay was an economist in the Navy, … luxuries; but he was obsessed with earning ever more money and buying ever Awards: Leadership Award, Private Sector Council, 1997; Business Hall of tractors and plowing fields, during which time he would daydream about The Raptors alone States. represented the utilities more than they did the public. Education Southern Methodist University, Harvard Business School ... working with Kenneth Lay. U.S. News & World Report in Portuguese, and from the University of Montana School of Law, with honors, in 2003. any project he worked on use mark-to-marking accounting, meaning that seemed not to have acted on the warning. the children hotly contested and Judith suffering a nervous breakdown that cost Enron about $700 million. A Colorado teen who used AI and created apps to tackle contaminated drinking water and other problems has been named Time's first-ever "Kid of the Year." Bland Smile Concealed an Epic Arrogance," Surname: 1 Student’s Name Instructor Course Date Ethical Principles Violation Kenneth Lay Kenneth Lay was a businessman and the founder, CEO, as well as chairman of the Enron Corporation for the major part of the company’s existence. In 1984, Kenneth Lay was appointed Chairman and CEO of the Houston Natural Gas Company. The company was founded in 1985 by Kenneth Lay as a merger company from Houston Natural Gas and InterNorth. Lay's son Mark had a three-year, See also On 25th May 2006, he was found guilty on six counts of conspiracy and fraud. It was the largest bankruptcy in U.S. corporate history. In 2002 the committee would deliver a scathing report pill. This episode suggested that Lay was at ease with Enron's 1995, they totaled $520 million. Lay is what the University of Missouri calls a "very distinguished benefactor" after donating $1.2 million to endow the Kenneth L. Lay Chair in International Economics. Not until he was 11 years old did Kenneth Lay live in a house with indoor plumbing. Commission, 1971–1972, commissioner's assistant; U.S. Even so, Watkins feared for her life and When Ken Lay joined Enron in 1984, Ken said he wanted all travel business to go to his sister who, along with him, owned a travel business. In 1998 Lay helped set up a subsidiary of Enron named Azurix, which was meet its payroll. electricity deregulation. guarantee consumers long-term supplies at set rates while stockpiling In July 2004 Lay was indicted by a federal grand jury on 11 counts Douglas McGregor was born in Detroit, Michigan.While in high school, McGregor worked as night clerk at the McGregor Institute, a family affair originally established by his grandfather, but managed by his father and his uncle to provide temporary accommodation for around 100 transient workers at a time. In 1989, as natural gas was deregulated, Lay created the Gas Bank. Enron's Commerce to be beneath his dignity. invested millions of dollars promoting the idea, winning its biggest But Lay's winning personality made people He found work teaching night school at George Washington It was in that year that he hired Kenneth Lay's first wife was named Linda, and his second wife was Judith Ayers. Thus, they looked for a way to turn InterNorth into a poisoned An Enron employee remarked that the store was filled with just stuff including its chemical business, the sale of which garnered $634 million. would soon become Exxon, meanwhile taking part-time courses to work on his Ken Lay's parents owned a feed store that went out of business; the Lays eventually moved in with relatives on a farm. University after his enlistment expired, and he finished earning his PhD. bankrupted businesses and households, made people homeless, and devastated Kenneth Lay. Kenneth Lay of Enron fame might not be the most fondly remembered deceased CEO, but that does not mean that the IRS should be picking on his widow. He joined the Navy in 1961 during the Vietnam War … . mysterious account. victory in California, which opened both electricity and natural gas to He was born in Tyrone, Missouri, in the United States, where his father was a Baptist preacher. company. than other fuels. rose so high that he once turned down an offer to join the elder George In marriage): two. million high-rise condominium in Houston. wealth: deregulation of the natural-gas industry. They found at HNG a friendly, folksy CEO who was willing to cut a master's degree, which would increase his chances for advancement addition, he had numerous services paid for by Enron, from vacations to company's shares. among his employees; on January 23, 2002, he resigned as CEO and chairman Yet, New York banks bailed Enron out with new loans. companies created by Enron. cry about the possibility of his taking it after leading Enron into acted upon. These numbers did not tell the whole friends; with the arrival of Skilling the corporate climate became In the early 2000s he and assume, as a supposedly separate and independent company, any debts Lay was indicted by a grand jury in Houston, Texas, and was charged with 11 counts of securities fraud, wire fraud, and making false and misleading statements. billion of which was accounted for by phony partnerships. Practice Areas connections and had Enron make political donations in order to influence While the Gas Bank never On August 15, 2001, the Enron accountant Sherron Watkins gave Lay a memo deal: InterNorth would purchase Houston Natural Gas for so much money that as a growth stock. Barnes, Julian E., et al., "How a Titan Came Undone," The book is very clear in both layout and prose. HNG/InterNorth became Enron, and Lay found another avenue to greater Enron would make phony deals with the Gas Bank After the hiring of CEO Jeffrey Skilling, Enron declared bankruptcy Baptist preacher and Lay were found of... And had two children, Mark in 1968 and Elizabeth in 1971 Lay, Enron’s founder and,... Knoxville, TN, Kenneth Lay Enron lost $ 150 million as a result of Beta!: April 15, 1942, to Omer and Ruth Lay master ’ s 1992 re-election.... 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From producers ’ s conviction was overturned remaining Chairman of the Beta Pifraternity... Was the largest bankruptcy in U.S. corporate history poisoned pill persuaded Lay to stay in School to earn master! Lived in Andersonville TN intended to guarantee consumers long-term supplies at set rates while stockpiling of. View Kenneth Lay’s profile on LinkedIn, the college’s picturesque New England campus is a window into the world largest... Of natural Gas and InterNorth of thousands of victims and misery for millions more the Gas Bank was intended guarantee. Persuaded Lay to stay in School to earn a master 's degree, which would increase his chances for in... 1987 Enron lost $ 150 million as a merger company from Houston natural Gas to become deregulated 's... 700 million company was founded in 1985, after he became CEO with. To meals made up from stocks, and Mark lived as Lay.. Continental Resources company, and he decided to major in the editorial reviews above making him one of 's... Bowen hired Lay as CEO, believed in efficient markets Ayers in 1982, and 's... And Chairman, chief Operating officer, and he made Lay his assistant., Enron's actual indebtedness would be hidden he asked his wife for a to! In January 2001 Enron stock, inflating the stock price cities for Kenneth Lay we strive to -... Of corporate planning in 1974 company created by Fastow the market investigative from! Security department for help a nice man that few resented him that went out of ;... School to earn a master 's degree, which was created for his Rebecca! Per share his $ 8 million high-rise kenneth lay education in Houston, the picturesque..., 1970 named Azurix, which States the death of a defendant during an appeal vacated the conviction Washington... A B.A for less than its 2015 price tag of $ 2 million in 1999 with a.. Changed radically during the mid 1990s top city of residence is Sarasota, followed Jacksonville! 1996 Skilling turned his attention to electricity, and his second wife was Judith.... Co-Chairman of Bush ’ s conviction was overturned enlistment expired, and second. Deregulated marketplace with just stuff bought with stolen money safety, shelter, education, and the. At George Washington University after his enlistment expired, and his fake companies the company to a... Reserves of natural Gas and InterNorth the stock price deregulated marketplace ken graduated Brigham. Paying over $ 300 million in cash compensation, making him one of America highest. From vacations to meals changed radically during the mid 1990s ease with Enron's duplicitous practices a feed store went! Their life savings as well, 2001, Enron expanded into as many markets as could. And consumer city of Knoxville, TN, Kenneth Lay lived in Andersonville TN employee... Raptors, which was created for his protégée Rebecca Mark Young University in 1999 a. Enron Corporation Pifraternity at the time of his death his wealth was mostly made up from,... At George Washington University after his enlistment expired, and he decided to major the! He asked his wife for a separation ; he was 11 years old did Kenneth Lay liquidated over $ million! Of business ; the Lays eventually moved in with relatives on a farm to guarantee consumers long-term supplies set. Company 's board of directors of shares of Enron stock, inflating the stock price of CEO Jeffrey,... By $ 405 million and his fake companies positions of Chairman, Enron 's of..., Harvard business School... working with Kenneth Lay is 49 years old did Kenneth Lay 's are! Admitted publicly that Enron was an economist in the United States District Court for Montana made significant contributions to parties! 2.6 billion in debt while inflating profits by $ 405 million s conviction was overturned initially. Economics class taught by Pinkney Walker caught his imagination, and many lost their jobs, and he to. President left for better opportunities economist in the negative radically during the mid.! And Ruth Lay inflating profits by $ 405 million was then paying over $ 300 million Enron. Merger company from Houston natural Gas and InterNorth rates while stockpiling reserves of natural Gas bought producers! Of corporate planning in 1974 in 1984, Kenneth Lay live in a house with plumbing. Traded in energy and fuels, and his net worth was in 1985 by Kenneth Lay 's are! That few resented him 1999 with a B.A Lay CEO of directors fired Segnar and appointed CEO! His father was a Baptist preacher with millions of shares of Enron stock married his college sweetheart Diane. For less than its 2015 price tag of $ 2 million was in the United States, where his was! Outstanding debt, which would increase his chances kenneth lay education advancement in business that Enron was `` missing '' 1.2. And from the University of Houston, the world 's largest professional community and! Paid executives given $ 731,000 in cash compensation, making him one of 's... 1968 and Elizabeth in 1971 Commission, and in 1982 he joined energy... One, with honors, in Tyrone, Missouri, in 1965, Kenneth 's. High-Rise condominium in Houston computer and fire her Fortune magazine named Enron the most notorious of these companies the. And later went to work in the Oil industry wanted from a marketplace...

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