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1Running head: KENNETH LAYS ROLE IN THE ENRON SCANDALKenneth Lays Role in the Enron ScandalName:Institution:Course Code:KENNETH LAYS ROLE IN THE ENRON SCANDALKenneth Lays Part in the Enron ScandalOn December 2, 2001, Enron Corporation filed for bankruptcy, despite having$64 billion assets. Shareholders sued the company for over $40 billion after Enrons stock priceplummeted to below the $1 mark per share after it achieved an all-time high of $91 in mid-2000.The company managed to hide billions of dollars in debt from projects and deals that failed,falsely presenting them as successful. Kenneth Lay, together with the companys then-presidentJeffrey Skiing, used special-purpose entities (SPEs) and accounting loopholes to make falseaccounting reporting.The primary role of Lay in the scandal was misleading the public and thecompanys board of directors regarding the companys financial condition. As CEO andChairman of Enron, Lay oversight the companys business units, supervising senior executiveson financial reporting. He approved the use of special purpose entities to manage risks associatedwith risky assets and projects temporarily. Lay a ...


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