He thought it was absurd, and that management should have been able to see this coming.

I observed events that I thought were wrong, so I did make a conclusion. I didn't make a conclusion that it was legal or illegal.

I recall Mr. Lay saying that liquidity was fine, and then he strengthened his statement to say that liquidity was strong.

I knew it was wrong at the time.

Acknowledgment and no reaction. I left the room because I felt really awkward.

I wish a lot of people had spoken up.

My prior interactions with him had just conditioned me that he didn't want to be corrected.

I believe that they had determined the capital markets were closed to Enron at this time.

I did not know enough to answer questions on the subject.

Mr. Lay said liquidity was fine. Then he strengthened his statement and said, 'In fact, liquidity is strong.