Commentary: Ken Lay's Audacious Ignorance

The only remaining question of great consequence about Enron is whether its prime movers, Kenneth L. Lay and Jeffrey K. Skilling, will go to prison for their part in its transformation from icon of New Age corporate cool to synonym for Bubble Era greed and deceit. As the pair go on trial on Jan. 30 in Houston, it will be important to keep in mind that the jury's decision will serve only to fix criminal culpability. Even if Lay and Skilling are acquitted, the trial holds zero hope of redemption for Enron's Big Two. History's verdict is already in, and it is harsh: As two of the most inept executives in business history, Lay and Skilling are heavily to blame for the demise of a company that once employed 31,000 people and had a stock market value of $35 billion but which survives today in shriveled form under the protection of the bankruptcy code.

Although the brash, combustible Skilling, now 52, makes a more flamboyant villain, the burden of responsibility falls mainly on the smoothly self-effacing Lay, 63. After all, Lay was Enron's highest-ranking executive from 1986 until the company filed for bankruptcy protection from its creditors in late 2001 -- both as CEO (except for a six-month stretch when Skilling held the job) and as chairman throughout. A prolific Republican Party contributor nicknamed "Kenny Boy" by President George W. Bush, Lay not only was The Man at Enron, once America's seventh-largest company, but also was Houston's most influential power broker for a decade.