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MORE STOCK-OPTION BACKDATING INDICTMENTS
August 10, 2006
The Stock-option backdating scandal has generated more indictments. Two executives at Comverse Technology Inc. were charged with securities fraud yesterday. The Wall Street Journal law blog has a chronology of life at the Comverse executive suite once a reporter inquired about the option grant dates; the Journal computes the odds that they would have picked such happy option grant dates by coincidence at one in 6 billion.
The Wall Street Journal is keeping a scorecard; there are over 90 firms implicated, all of which face big tax bills when the IRS gets around to these companies. Maybe the IRS should hire back Remy Welling, who was fired for trying to blow the whistle on a similar scheme two years before the nationwide scandal broke. Or at least they could apologize.
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Comments
Is it too much to ask that people simply be honest? I guess that there's no reward, let alone honor, in that approach. I seriously doubt that these "business" people were not assisted. What other "professionals" participated? Financial firms, accounting firms, law firms? I guess it's all part of "superior client service."
Posted by: SAM | August 11, 2006 1:07 PM