The good news for Ken Lay is that he’s now off the hook on all those fraud and conspiracy charges related to the collapse of Enron.
The bad news, of course, is that he’s dead.
A federal judge agreed with Lay’s lawyers Tuesday that the ex-tycoon’s unfortunate demise — while on summer vacation in Aspen — requires that his convictions be erased.
Which amounts to bad news for Enron ex-employees and investors: The ruling means the government can’t try to recover the $43.5 million Lay looted from the company.
It’s also another blot on Congress, which recessed without acting on a last-ditch Justice Department proposal that would have changed the law to let prosecutors go after Lay’s assets.
Posted by Dave Knadler
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