And Enron founder Ken Lay has died. A doctor said the cause of death was coronary artery disease and that Lay had likely suffered a heart attack in the past. The doctor says he is awaiting further toxicology results. Lay died facing the possibility of spending the rest of his life in jail over his role in one of the largest corporate frauds in US history. Six weeks ago, he was convicted on ten counts of conspiracy, securities fraud, wire fraud, bank fraud and for making false statements to banks. He was to be sentenced along with convicted former Enron CEO Jeffrey Skilling later this year. Four years ago Enron filed for bankruptcy after years of defrauding its own employees and investors. The bankruptcy put over 4,000 people out of work. The value of the company’s stock dropped from ninety dollars to about 30 cents. Thousands of Enron employees lost their lifesavings.

Ken Lay and his family rank among President Bush’s biggest career financial backers. According to the Center for Public Integrity, Enron was Bush’s top career donor until 2004. The President even nicknamed Lay “Kenny Boy.” But in the aftermath of the Enron scandal, the Bush administration has attempted to distance itself from Lay. At the White House, Press Secretary Tony Snow was questioned about Ken Lay’s death.

• Reporter: What has been the President’s reaction to the death of Ken Lay?

Tony Snow: I really have not talked to him about it. I will give you my own personal reaction, which is that when somebody dies, you leave behind those that grieve, and I think that they deserve our compassion. But — I don’t know, what do you think would be the appropriate thing to say?

Reporter: I do not know. I don’t know him. The President was his friend, not me.

Tony Snow: No, the President has described Ken Lay as an acquaintance, and many of the President’s acquaintances have passed on during his time in office. Again, I think that it is sort of an interesting question but not answerable by me.

According to several analysts Lay’s death will effectively nullify his conviction because he is no longer alive to take part in his appeal. Just last week prosecutors filed a motion asking Lay to forfeit more than $40 million dollars. Lay’s estate will now likely be able to hold on to his remaining assets. However, the estate could still be brought to court in civil cases by former Enron employees.