adBlockCheck

Ken Lay's Children Inherit 4,000 Pensions

Top Headlines

Finance

Upcoming Changes To U.S. Currency

Secretary of the Treasury Jack Lew recently announced a series of significant changes to U.S. currency. Here are some of the more notable alterations on the horizon

Head Of IRS Has Personal Filing System To Keep Track Of Nation’s Tax Returns

Commissioner’s Office Cluttered With 100 Million Folders

WASHINGTON—Pointing out the towering stacks of manila folders cluttering his desk and stepping carefully around the millions of forms laid out on his office floor, Commissioner of the Internal Revenue Service John Koskinen showed reporters Thursday his own personal filing system for keeping track of everyone in the nation’s tax returns.

Grandmother Palms Grandson $10 Like She Fixing Boxing Match

NEW BEDFORD, MA—Waiting until her daughter and son-in-law were occupied getting drinks in the kitchen following a family dinner at her home Sunday, local grandmother Ellen Sullivan, 72, is said to have palmed her 11-year-old grandson Jason Tucci $10 like she was fixing a heavyweight boxing match.

Koch Brothers Get Each Other Same Election For Christmas

WICHITA, KS—Chuckling and shaking their heads as they described their annual family gift exchange to reporters, Koch Industries executives Charles and David Koch confirmed Wednesday they had unwittingly gotten each other the same election for Christmas this year.

Budget-Conscious Obamas Strongly Pushing Malia Toward UDC Community College

WASHINGTON—Repeatedly emphasizing the benefits of completing her core requirements at a fraction of the cost of a four-year school, President Barack Obama and First Lady Michelle Obama continued their efforts this week to persuade their 17-year-old daughter, Malia, to attend the University of the District of Columbia Community College.
End Of Section
  • More News
Up Next
TV Listings
Just Like Everything Else!: Fox 8 p.m. EDT/7 p.m. ABC Pete's wife is still on him about building that darn shed, these kids are going to be the death of Sheila and Dave, and the hot next-door neighbor is up in EVERYBODY'S business! Sunday nights on ABC couldn't be any more familiar!

Special Coverage

Lawn and Garden

Ken Lay's Children Inherit 4,000 Pensions

When Enron founder Kenneth Lay died suddenly, less than two months after being convicted of conspiracy and securities fraud in May, it seemed to be the final chapter in the collapsed energy giant's infamous saga. Yet the disgraced executive managed to extend a hand of generosity from beyond the grave, leaving an inheritance of 4,000 Enron employee pensions to his grieving children.

"We were surprised and deeply moved that Dad had arrangements in place to provide for us after his passing," said the mogul's son, Mark Lay. "With his unbelievably generous legacy, we'll never have to worry about money again, unlike a lot of people here in Houston."

The younger Lay said that, as youths, he and his siblings were taught by their father to take an interest in the business he built and defrauded, and never to forget where their wealth came from.

"Dad would take us down to the Enron office, and he would show us all the happy, hardworking people there," Mark Lay said. "He would tell us, 'Kids, one day, everything these people have will be yours.'"

Lay was a generous father by nature, his son said. Besides the two or three employee bonuses the children typically received in their Christmas stockings, their good grades were rewarded with stock options, which Lay would later advise them to cash in just before their value dropped from $90 to $15 a share.

"One year, [Lay's stepson] Beau made the Dean's List, and Dad was so proud, he gave him someone's liquidated health care plan," Mark Lay said. "And another time, out of the blue, he came home with 340 dental packages in his arms. He gave them out like candy. Even the dog got one. He was such a thoughtful, kind man."

In addition to providing for the financial security of his family, Lay stipulated in his will that a large part of his embezzled fortune be donated to the many charities he and his wife Linda supported, including the Houston YMCA, where many former Enron employees now reside.

Finance Video

Sign up For The Onion's Newsletter

Give your spam filter something to do.

X Close