Former Enron Chairman Kenneth Lay invoked his legal right against self-incrimination when he appeared before the Senate Commerce Committee Tuesday and refused to answer questions about the collapse of the giant energy trading firm.

As the panel opened, Maine Republican Senator Olympia Snowe said Mr. Lay's refusal to talk will not stop Congress from finding out what went wrong at Enron. Senator Ron Wyden, a Democrat from Oregon, said Enron executives owe the American people an explanation.

Kenneth Lay

In a statement, Mr. Lay expressed what he termed profound sadness for Enron employees who lost jobs and retirement incomes as a result of the company's collapse. He said he was troubled about not testifying, but said it should not be seen as a sign of guilt on his part. He then announced he would not answer questions on the matter, on the advice of his attorney.

Senators denounced Mr. Lay's refusal to testify and expressed disbelief that he was unaware of the complex financial transactions that helped to bring down Enron.

Two congressional committees have subpoenaed Mr. Lay, seeking information about the circumstances that led the giant energy trading company to file for bankruptcy in December.

Several other former senior Enron officials previously invoked their right against self-incrimination and declined to answer questions from congressional panels.

However, former Enron President Jeffrey Skilling did testify last week and said he was unaware when he resigned last August that the company was facing financial ruin.

Some 20,000 Enron workers and retirees lost a total of more than $1 billion in retirement funds after the company declared bankruptcy and its stock became virtually worthless.

Several Enron executives are accused of setting up partnerships to hide the company's financial problems from investors and the public.

A number of executives made large profits selling Enron stock before the company collapsed.

Some information for this report provided by Bloomberg.

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