Grassley says Lay must talk about Enron

Both houses of Congress are expected to issue a subpoena to Ken Lay, the former C-E-O of now-defunct energy trader Enron. Iowa Senator Chuck Grassley supports the action, especially after Lay canceled his testimony before the two committees on Monday. Grassley ways “we gotta be outraged at what Enron did.” He says we also need all the information they can get to ensure something like this doesn’t happen again.If subpoenaed, Lay could still refuse to testify, invoking his Fifth Amendment rights. Grassley says daylight needs to shine on the Enron situation to prevent a repeat performance that would destroy the financial futures of many more people. Grassley says he’s introducing legislation that would help ensure the retirement plans of people in private industry.Lay’s attorney has told members of the House Financial Services Committee that he couldn’t accept a subpoena on Lay’s behalf because he doesn’t know where his client was. Lay stepped down from Enron’s board of directors last night.