That poor bastard, only worth a piddling $650,000. Lets start adonation jar for him. (Note that he still has millions and millions in real estate,so he won't be eating Top Ramen anytime soon.)
[hr style="width: 100%; height: 2px;"][a href="http://money.cnn.com/2006/02/27/news/newsmakers/lay/index.htm"]Report says Ken Lay is going broke[/a]
According to an article, the former Enron CEO is no longer a millionaire and may file for bankruptcy.
NEWYORK (CNNMoney.com) - Former Enron Chairman and CEO Ken Lay has seen his personal fortune eaten away by the collapse of the energy trader and his legal problems, and he could be forced to file for bankruptcy protection, according to a published report.
The New York Times reported that Lay's stated net worth is now less than $650,000, down from as much as $400 million before Enron's downfall in 2001.
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So, lets recap: Ken Lay has more money than most Americans will ever see in their entire lifetime, and he may decide to file for bankruptcy. He can do that even while he's charged with multiple felonies related to the largest accounting fraud in the history of finance. That's the law.
If you or I get sick, however, and rack up a debt of, say, a measily $100,000 in medical bills, we cannot file for bankruptcy. Medical debt is no longer legal grounds to file bankruptcy in the United States. That would be wrong, see? Wrong, wrong, wrong. Don't ask me why.
So, the moral of the story (near as I can tell) is "Crime Pays."
