Great ready for an expanded wave of corp scandals

Post #46,109 by Silverlock 7/19/02 4:21:59 PM Reply	Great ready for an expanded wave of corp scandals The SEC has instituted a new rule wherein bigshots at big corps must swear in writing as to the accuracy of financial reports. Guess what? They would like to change those reports before signing. Even more astonoshing is the first evidence of the SEC growing a spine under Mr. Pitt. They said no A number of companies are asking if they can modify the information in their recent financial results before signing on the dotted line, according to an SEC spokesman. Under an order by the SEC, chief executives and financial chiefs at companies with more than $1.2 billion in revenue have to swear under oath in writing that their financial results are complete and accurate. The deadline for most companies is Aug. 14. The SEC's response to the requested "modifications," which have mostly been coming from corporate counsels, is an unequivocal no. "This is black or white, there is no grey," said SEC's John Nester. "Either you attest to the accuracy of the figures" in financial results "or you go into the pile that doesn't comply." [link\|http://sfgate.com/cgi-bin/article.cgi?f=/n/a/2002/07/16/financial1653EDT0328.DTL&nl=biz\|URL] "...the problem with the French is that they don\ufffdt have a word for entrepreneur." George W. Bush in an aside to Tony Blair about the lack of receptivity by Jacques Chirac to Dubya's peddling of Texas-style economics.
Post #46,111 by orion 7/19/02 4:26:02 PM Reply	You mean they have to tell the truth, or else? Looks like a lot pf PHBs will have to find another line of work! :) *I am free now, to choose my own destiny.*
Post #46,543 by tablizer 7/23/02 3:53:30 PM Reply	Better offer amnesty soon [link\|http://money.cnn.com/2002/07/23/news/companies/citigroup/index.htm\| [link\|http://money.cnn.com/2002/07/23/news/companies/citigroup/index.htm\|http://money.cnn.co...up/index.htm]] If the banks have been doing this for Enron, who else have they been doing it for? I say give partial amnesty by setting an upper limit on financial penalties to a percent of revenue for companies that fess up within a given time limit. The amnesty would only apply to the company, not individuals. Otherwise, there is gonna be a chain reaction, killing jobs for a looong time.
Post #46,703 by Silverlock 7/24/02 10:30:27 AM Reply	Fsck that. Toss 'em in prison. Not the country club, fed, white collar tennis and swimming pool prisons either. Toss em in a state prison with real hard cases for 10 years and see how they make it. These assholes have ruined countless lives. They deserve punishment. "...the problem with the French is that they don\ufffdt have a word for entrepreneur." George W. Bush

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