The board—including founder and CEO Kenneth Lay—learns that Louis Borget and Tom Mastroeni, the men in charge of the Valhalla operation, were gambling beyond their limits, destroying trading reports, keeping two sets of books and manipulating accounting in order to give the appearance that Valhalla was earning steady profits. The board does not fire the Valhalla executives because Lay makes it clear that they are making too much money to let them go. Lay increases the trading limits of the Valhalla traders.