Enron, the evil innovator
Thursday, February 2nd, 2006
Even if you’re not following the Enron trial taking place down in Houston, it’s worth noting the legal strategy of Enron’s defense team: lawyers for Kenneth Lay and Jeffrey Skilling are claiming that Enron was a “business innovator undone by needless panic.” That story, of course, is completely at odds with what prosecutors are trying to prove - that the company was “a ticking time bomb toppled by lies.” In fact, the two Wall Street Journal reporters covering the trial came up with the following headline in Wednesday’s paper: “It’s a Tale of Two Enrons as Key Trial Opens.” (link via The Globe and Mail)
Here’s an excerpt of the “Enron, the good innovator” story being told by Enron’s lawyers:
“Defense lawyers, addressing 31 felony counts against Mr. Skilling and seven against Mr. Lay, told jurors that Enron revolutionized the energy market, creating huge profits by introducing innovations to the sleepy natural-gas financing, transportation and trading business. Messrs. Lay and Skilling were lauded as hardworking, driven to succeed, good to their employees and generous to the community. [..] The defense argued that Enron collapsed because it was hit by a “panic” in the market starting in mid-October 2001. “The odor of the wolf got into the flock, and the flock stampeded,” said Michael Ramsey, Mr. Lay’s lead lawyer.”
An odor, indeed.
Tags: Enron innovation
[image: The End of Enron via CNN]
It’s always nice to see innovation bloggers achieve success in their real-world business endeavors. 
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