Kenneth Lay, 64 years old, former founder and CEO of the company Enron has died. He died wednesday the 5th of july in Aspen, Colorado. The life of Kenneth Lay drastically changed on December the 2nd, 2001, when Enron went bankrupt, the most important then in the history of the United States. The seventh American company. A 101 billion dollar revenue then collapsed overnight, paving the way for a series of scandals on Wall Street. Four and a half years later, on May the 25th, Kenneth Lay was found guilty of fraudulent bankruptcy by the Houston (Texas) federal court. The sentence was to be pronounced on the 23rd of October. He was sentenced to forty-five years in prison but has always claimed his innocence, saying that the bankruptcy was the consequence of a wide panic spread by the media. His trial was one of the most publicized and longest of all corporate crimes. The 5600 former employees who lost everything, including their pensions, and hundreds of thousands of shareholders demanded responses on the responsibilities of the Texas group. For years, the accounts of leaders, auditors, administrators, lawyers and bankers have been manipulated complicitly or without their knowledge. This "twenty-first century company" had been built on an enormous lie.
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Kenneth Lay, 64 years old, former founder and CEO of the company Enron has died. He died wednesday the 5th of july in Aspen, Colorado. The life of Kenneth Lay drastically changed on December the 2nd, 2001, when Enron went bankrupt, the most important then in the history of the United States. The seventh American company. A 101 billion dollar revenue then collapsed overnight, paving the way for a series of scandals on Wall Street. Four and a half years later, on May the 25th, Kenneth Lay was found guilty of fraudulent bankruptcy by the Houston (Texas) federal court. The sentence was to be pronounced on the 23rd of October. He was sentenced to forty-five years in prison but has always claimed his innocence, saying that the bankruptcy was the consequence of a wide panic spread by the media. His trial was one of the most publicized and longest of all corporate crimes. The 5600 former employees who lost everything, including their pensions, and hundreds of thousands of shareholders demanded responses on the responsibilities of the Texas group. For years, the accounts of leaders, auditors, administrators, lawyers and bankers have been manipulated complicitly or without their knowledge. This "twenty-first century company" had been built on an enormous lie.