WASHINGTON (voa) – The former CEO of Enron, Jeffrey Skilling, has blamed other parties, including the Federal Reserve Board, for the company’s demise.
Mr. Skilling told U.S. Senators he believes rules are inadequate to protect indebted companies from quickly losing the support of banks. He also blamed the firm Arthur Andersen, saying he relied on their advice for accounting. Mr. Skilling also said he didn’t lie to Congress in prior testimony.
Mr. Skilling sold millions of dollars of Enron stock and resigned in August just months before the company’s stock collapsed and the energy trader filed the largest bankruptcy in U.S. history.
The senators said they were skeptical of Mr. Skilling’s claims that he was not responsible for the company’s arrangements to avoid listing large debts on its books.
Several congressional committees are looking into the matter, but most other Enron officials have refused to testify.
Enron Vice President Sherron Watkins also testified Tuesday, saying she asked questions about the company’s bookkeeping, but never received any reassuring explanations. She said she did not want to push the issue for fear she might lose her job.
Many employees saw their entire pensions evaporate as company stock plunged. Thousands also lost their jobs.
