We've all heard about the recent requirement in the U.S. for companies to
submit signed affidavits that their books are accurate. What's their
incentive to not lie if they are commiting accounting fraud?
Fraud + Lie: Possibly get away with it, otherwise
go to jail and have the company go down in flames.
Fraud + Truth: Go to jail and have the company go
down in flames.
Does anyone see a benefit to telling the truth here?
-Kevin
> -----Original Message-----
> From: Howie Hamlin [mailto:[EMAIL PROTECTED]]
> Sent: Thursday, August 15, 2002 8:02 PM
> To: CF-Community
> Subject: From the 'it figures' files...
>
>
> Bush anti-corruption chief accused of account fraud.
>
> President Bush's efforts to clean up corporate America were dealt
> an embarrassing blow last night when the man charged
> with leading his new anti-corruption task force was sued for
> alleged fraud.
>
> Larry Thompson, who is also deputy attorney general, was accused
> of dubious accounting practices and insider trading
> while on the board of Providian, a credit card issuer that also
> operates in Britain.
>
> Judicial Watch, the self-styled watchdog that is also suing
> vice-president Dick Cheney for alleged accounting
> malpractice when he was chief executive of oil group Halliburton,
> filed the suit on behalf of a Texan shareholder in a
> San Francisco court.
>
> The suit alleges that Mr Thompson and other directors conspired
> to hide Providian's mounting losses in 2001, inflating
> the company share price.
>
> Mr Thompson sold more than �3 million of shares before the
> financial problems became public, it is claimed. He was a
> board director for four years from 1997.
>
> Mr Thompson's office was not available to comment last night.
>
> http://www.portal.telegraph.co.uk/news/main.jhtml?xml=/news/2002/0
8/15/wcorp15.xml&sSheet=/news/2002/08/15/ixworld.html
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