Enron Update

NPR's Peter Overby reports that a lawyer for Enron Chairman Kenneth Lay says Lay did not sell large blocks of company stock because he lost faith in his own company, but because he needed to raise money to pay off debts. The lawyer, in an interview with The New York Times, said Lay had used his stock as collateral on loans. As Enron's stock plunged, he had to sell because the collateral was worth less. There are now 10 Congressional panels looking into the Enron debacle. The first of many hearings gets under way on Thursday.

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