Enron Trial: Stockbroker Answers Questions
by: Ed Mayberry, March 28, 2006 5:03:00 am
Charles Schwab broker Glenn Ray of Denver said Jeff Skilling first phoned him on September 6th, 2001, about selling shares of Enron stock, and tapes of those transactions were played. Skilling has said he sold his stock because of concern about the markets after the September 11th terrorist attacks.
Earlier, defense attorney Bruce Collins suggested that former Enron treasurer Ben Glisan, Jr., did not warn the board strongly enough about Enron's finances at their October 22nd, 2001 meeting as he had asserted. Corporate secretary Paula Reicker's (REE-ker's) notes indicate Glisan told directors--including Ken Lay--that Enron's liquidity was adequate. Glisan told directors that Enron had immediate access to $1.5 billion in cash either in its coffers or from banks.
That contradicts Glisan's earlier testimony that he informed Lay that bankruptcy was "inevitable," and Lay told employees at an employee meeting the next day that the company was sound.
Ed Mayberry, Houston Public Radio News.