THE CRIMINAL TRIAL OF FORMER ENRON CORP. CHIEFS KEN LAY AND JEFFREY SKILLING NEARED ITS END ON MONDAY, WHEN BOTH DEFENSE AND PROSECUTION RESTED IN THE HIGH-PROFILE CORPORATE CORRUPTION CASE, REUTERS REPORTED. THE END OF TESTIMONY CAME SUDDENLY. THE DEFENSE ANNOUNCED IT HAD CONCLUDED ITS PRESENTATION. PROSECUTORS PUT ON THREE REBUTTAL WITNESSES AND THEN THEY TOO SAID THEY WERE FINISHED. U.S. DISTRICT JUDGE SIM LAKE SENT THE JURY HOME UNTIL MAY 15, WHEN CLOSING ARGUMENTS WILL BEGIN. LAY AND SKILLING, WHO TOGETHER BUILT ENRON FROM A QUIET PIPELINE COMPANY INTO AN INTERNATIONAL ENERGY GIANT, ARE ACCUSED OF LYING TO INVESTORS TO COVER UP FINANCIAL PROBLEMS AT ENRON, ONCE THE NATION'S SEVENTH-LARGEST COMPANY. LAY, 64, FACES SIX COUNTS OF CONSPIRACY AND FRAUD, AND SKILLING, 52, FACES 28 CHARGES OF CONSPIRACY, FRAUD AND INSIDER TRADING. BOTH MEN HAVE DENIED THE CHARGES, AND BOTH FACE DECADES IN PRISON IF CONVICTED. LAY ALSO FACES A SECOND TRIAL THAT IS SCHEDULED TO START MAY 18 BEFORE LAKE, ON FOUR CHARGES THAT HE ILLEGALLY USED BANK LOANS TO BUY STOCK ON MARGIN. ENRON COLLAPSED INTO WHAT WAS THEN THE LARGEST-EVER U.S. BANKRUPTCY IN DECEMBER 2001, JUST FOUR MONTHS AFTER LAY REASSUMED THE CEO POSITION THAT SKILLING HAD HELD FOR ONLY SIX MONTHS. LAY, WHO GREW UP IN POVERTY IN RURAL MISSOURI, HAD BEEN ENRON'S LONE CEO AND CHAIRMAN SINCE ITS CREATION IN 1985, UNTIL HE HANDED THE CEO SPOT OVER TO SKILLING. THE REVELATION THAT ENRON HAD HIDDEN BILLIONS OF DOLLARS IN DEBT IN OFF-BALANCE-SHEET PARTNERSHIPS AND INFLATED ITS PROFITS PUSHED THE COMPANY OVER THE EDGE IN A FEW SHORT WEEKS, PUTTING THOUSANDS OF EMPLOYEES OUT OF WORK AND WIPING OUT BILLIONS OF DOLLARS IN RETIREMENT PENSIONS. LAY SAID HE WAS PLEASED WITH THE DEFENSE CASE, AND SAID HE EXPECTED THE JURY TO RULE IN HIS FAVOR. "WE FEEL REAL GOOD ABOUT WHERE WE ARE RIGHT NOW," HE TOLD REPORTERS OUTSIDE THE COURTHOUSE. "WE THINK IN THE END WE ARE GOING TO PREVAIL." --MORE
