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CNN Live At Daybreak
Skilling Takes To Offensive in Senate Testimony
Aired February 27, 2002 - 06:04 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Now to Enron. Former Enron CEO Jeffrey Skilling took the offensive in his latest testimony on Capitol Hill.
But as CNN's Jonathan Karl reports, lawmakers fired back.
(BEGIN VIDEOTAPE)
UNIDENTIFIED MALE: The whole truth and nothing but the truth ...
JONATHAN KARL, CNN CONGRESSIONAL CORRESPONDENT: For five and a half hours the accused and the accuser sat at the same table.
SHERRON WATKINS, FORMER ENRON V.P.: I find it hard to believe that Mr. Skilling was not aware that something was amiss, that this could not be legitimate.
JEFFREY SKILLING, FORMER ENRON CEO: I never duped Ken Lay. I heard Ms. Watkins testify to her opinion. I have no idea what the basis is for that opinion.
KARL: In fact Skilling pointed out he had virtually no contact with Watkins.
(CROSSTALK)
UNIDENTIFIED MALE: All those people who said that they were warning you, Ms. Watkins, I ...
SKILLING: Ms. Watkins did not talk to me, Senator.
KARL: Beginning with his defiant opening statement, Skilling repeatedly lambasted his Senate inquisitors for being sloppy with the facts.
SKILLING: Common decency suggests that I be treated as innocent until proven otherwise. Common sense suggests that accusations made now, before the facts are in, are likely to be wrong. Unfortunately, neither common decency nor common sense will carry the day in this politicized process.
KARL: From there most of the hearing was Skilling versus the Senators with the witness repeatedly turning the tables on his questioners. SKILLING: This is - and who's making that statement?
UNIDENTIFIED MALE: I just gave it to you.
SKILLING: No, who made the statement?
UNIDENTIFIED MALE: According to the minutes, Mr. Fastow.
SKILLING: Mr. Fastow represented that that's what the process was. Mr. Fastow was in error.
UNIDENTIFIED MALE: Any way you parse this, you had the responsibility as the CEO ...
(CROSSTALK)
SKILLING: ... don't own oil and gas production ...
(CROSSTALK)
UNIDENTIFIED FEMALE: Mr. Skilling, I appreciate that you don't agree with this. I'm not asking you that.
SKILLING: Now wait ...
UNIDENTIFIED FEMALE: No. No. No, sir ...
(CROSSTALK)
SKILLING: ... Senator, you have asked me ...
(CROSSTALK)
UNIDENTIFIED FEMALE: My question ...
(CROSSTALK)
UNIDENTIFIED FEMALE: ... has nothing to do with whether you agree.
(CROSSTALK)
SKILLING: Senator, I'm sorry, but with all due respect ...
(CROSSTALK)
UNIDENTIFIED FEMALE: I simply asked if you recalled it.
KARL: The committee played a tape from a 1999 employee meeting where Skilling nods in agreement as another executive logs Enron stock.
UNIDENTIFIED FEMALE: Did we invest all of our 401(k) in Enron stock? Absolutely.
(UNINTELLIGIBLE) SKILLING: Enron Corporation has constituted virtually 90 percent of my net worth from the entire time that I worked for the company. I was a strong believer in Enron Corporation. Now you can take the videotape to mean what you want it to mean. I was a supporter of Enron Corporation.
KARL: Two weeks ago, Skilling told a House Committee that he did not dump his Enron stock, but before this committee, he didn't dispute reports he sold $66 million in stock during the two and a half years before the company's collapse.
UNIDENTIFIED MALE: And do you consider $66 million a great deal of money?
SKILLING: Yes, it is ...
UNIDENTIFIED MALE: Do you still have most of that?
SKILLING: Yes, I do.
KARL (on camera): But Skilling says he may not have all that money for long, because he is currently defending himself against more than 30 lawsuits brought on by current and former Enron employees and shareholders.
Jonathan Karl, CNN, Capitol Hill.
(END VIDEOTAPE)
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