FORMER ENRON CORP. CHIEF EXECUTIVES KEN LAY AND JEFFREY SKILLING BELIEVED THEY WERE ABOVE THE LAW AS THEY DIRECTED THE FRAUD AT THE NOW-RUINED ENERGY COMPANY, A PROSECUTOR TOLD THE JURY AT THEIR CRIMINAL TRIAL ACCORDING TO REUTERS. "THERE CAN BE NO DOUBT THAT THERE WAS A CONSPIRACY TO MISLEAD THE PUBLIC AT ENRON, AND THAT THESE TWO MEN LED IT," PROSECUTOR KATHRYN RUEMMLER SAID IN HER CLOSING ARGUMENT IN THE FEDERAL COURT. RUEMMLER MOCKED LAY AND SKILLING'S CLAIMS THAT ENRON WAS A HEALTHY COMPANY BROUGHT DOWN BY BIASED MEDIA COVERAGE AND A CONSPIRACY OF PREDATORY INVESTORS. "IT'S NONSENSICAL; IT'S ABSURD; IT'S RIDICULOUS. DON'T BUY IT," SHE SAID. AFTER FIFTEEN WEEKS OF TESTIMONY, PROSECUTORS AND DEFENSE LAWYERS BEGAN THE CLOSING ARGUMENTS THAT WILL RUN INTO WEDNESDAY, WHEN THE JURY IS EXPECTED TO START DELIBERATING WHETHER LAY AND SKILLING ARE GUILTY OF FRAUD AND CONSPIRACY AT THE COMPANY THAT WAS ONCE THE SEVENTH LARGEST IN THE UNITED STATES. LAY, 64, ENRON'S FORMER CHAIRMAN AND CEO, FACES SIX COUNTS OF FRAUD AND CONSPIRACY; AND SKILLING, 52, FACES 28 COUNTS OF FRAUD, CONSPIRACY AND INSIDER TRADING. THE TWO MEN, EACH OF WHOM FACES DECADES IN PRISON IF CONVICTED, LISTENED INTENTLY TO RUEMMLER'S ARGUMENT BUT SHOWED NO EMOTION. PROSECUTORS HAVE BROUGHT A PARADE OF FORMER ENRON EXECUTIVES AND EMPLOYEES TO THE WITNESS STAND TO BOLSTER THEIR CASE THAT THE COMPANY HID LOSSES, SHUFFLED MONEY FROM PROFITABLE BUSINESSES TO UNPROFITABLE ONES AND INFLATED EARNINGS TO IMPRESS WALL STREET. BOTH LAY AND SKILLING HAVE DENIED ANY WRONGDOING AT THE COMPANY THAT COLLAPSED IN DECEMBER 2001 INTO THE THEN-LARGEST U.S. BANKRUPTCY AFTER ITS USE OF OFF-BALANCE-SHEET PARTNERSHIPS TO HIDE DEBT WAS REVEALED. --More
