Report: Ken Lay down to his last $650,000

[Jared Moya]

Report says Ken Lay is going broke
According to an article, the former Enron CEO is no longer a millionaire and may file for bankruptcy.


NEW YORK (CNNMoney.com) - Former Enron Chairman and CEO Ken Lay has seen his personal fortune eaten away by the collapse of the energy trader and his legal problems, and he could be forced to file for bankruptcy protection, according to a published report.

The New York Times reported that Lay's stated net worth is now less than $650,000, down from as much as $400 million before Enron's downfall in 2001.


And the Times said that latest valuation is probably on the optimistic side. It includes an estimated $1.9 million held in a trust that the paper reports is almost sure to be consumed by legal fees.

Outside of that trust, his current holdings include an estimated $4.2 million in real estate and $220,000 in other liquid assets. His retirement benefits, once worth $68 million, have fallen to $3.5 million, according to the report.

The paper reports he has spent $20 million of Enron insurance proceeds for his defense, along with $5 million of his own money. He also has $4 million in unpaid legal fees and could see his total legal costs reach $30 million, according to the paper.

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[Potato]

So thrilling that all that money he got away with went up in flames while so many lives were ruined because of fuckup after fuckup by the execs. Awesome. I don't know whether to be happy and think, "ohhh karma's a bitch" or "that really sucks"... but it's hard to have any kind of sympathy for a man like that.

[ROMANTICGUY50]

So thrilling that all that money he got away with went up in flames while so many lives were ruined because of fuckup after fuckup by the execs. Awesome. I don't know whether to be happy and think, "ohhh karma's a bitch" or "that really sucks"... but it's hard to have any kind of sympathy for a man like that.

Dito I agree with that statement 1000 percent. The money was wasted paying that jerk. Our goverment wastes so much money that people who need help get screwed.