Maybe he wasn’t such an obvious insider-trader, after all. The evidence suggests he did all he could to keep his Enron stock, even while the company was clearly tanking. In other words, he didn’t say one thing and do another. The New York Times engages in a pretty clear case of back-tracking:
That differs sharply from the story put forward early last year, after many news organizations, including The New York Times, reported that Mr. Lay had sold large numbers of shares as he urged others to buy. Many people seized on those facts as evidence of duplicity, not accounting for other possible explanations.
Good for the Times for correcting the record. I wonder if Krugman will.
The Dish 