Business News: Enron Opening Statements
by: Capella Tucker, February 1, 2006 5:02:00 am
The prosecution started the day by outlining the troubles Enron was having in some of its divisions. Prosecutors told the jury that millions of dollars were being lost, but it was hidden in secret deals. Prosecutors say founder Ken Lay and former CEO Jeffrey Skilling lied to the public and investors by not revealing those losses.
But a different picture was painted by defense attorneys. They hailed Enron as a great success story led by two men who believed in the company to the end and tried to save it. Defense attorneys say every deal was checked by attorneys and accountants. Lay's attorney told jurors that Enron suffered a cash crisis and a loss of trust.
Mark Koenig is expected to be the prosecution's first witness today. Koenig, who lead Enron's investor relations section, struck a plea deal with prosecutors in August 2004. Capella Tucker, Houston Public Radio Business News.