A Classification of American Wealth
History and genealogy of the wealthy families of America - Sponsors

 Part 1 : Colonial and Mercantile America  Part 2 : America in the Gilded Age
 Part 2 : America in the Twentieth Century  Encyclopedia of American Wealth

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  Part III - Chapter 18 : CEOs  > The Enron Story  :  « Previous  1 - 2 - 3 - 4 - 5 - 6 - 7 - 8 - 9 - 10 - 11 - 12   Next »

     Enron : Climax of executive greed and deception 

Page entitled : Ken Lay and the inception of Enron

Content of this page is about :
How Ken Lay edged out Sam Segnar after the merger of HNG with InterNorth, became CEO, renamed the corporation Enron and mastered debt, using its employees pensions and Michael Millken

Extract :
... Enron, Ken Lay had to deal with the immediate challenge to reduce debt, which had reached $4,3 billion and due to the high interest rates prevailing in the 1980s, weighed heavily on the corporation’s earnings and cash flow. Another challenge was the buyback of Irwin Jacobs stake in the company. Unable to finance the $357 million greenmail transaction otherwise, Ken Lay borrowed $230 million from Enron’s employee pension fund and turned to Michael Milken of Drexel Burnham Lambert  ...


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