Lay began his testimony expressing "profound sadness about what has happened to Enron, its current and former employees, retirees, shareholders and other stakeholders."

He continued, "I have, however, been instructed by my counsel not to testify based on my Fifth Amendment constitutional rights. I am deeply troubled about asserting these rights because it may be perceived by some that I have something to hide."

Reports indicate that though Lay wants to talk and share his side of the story, his lawyers have strongly advised against doing so.

Despite Lay's refusal to talk, the senators bombarded him with criticism for over an hour, with one senator calling him a con man.

Lay joins four others -- including former Enron CFO Andrew Fastow and Andersen's Enron auditor David Duncan -- as those that have invoked their Fifth Amendment rights.

Other Developments

The House Financial Services Committee will introduce legislation to increase regulatory control over the accounting industry through a Public Regulatory Board.

Arthur Andersen has stepped down as auditor for EOTT Energy Partners LP and Northern Border Partners LP due to the two companies' links with Enron; they are wholly-owned subsidiaries of Enron.

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