Kenneth L. Lay

KENNETH L. LAY has built Enron from a small pipeline company into the first natural-gas major to rival oil giants in vertical integration and global breadth. Key to the CEO's success: turning a cheap commodity into a profit-spinner with sophisticated financing. But he's not done. Lay is pushing abroad and barreling into the $200 billion electricity market at home with a $3.2 billion bid for utility Portland General.

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