Friday, August 19, 2005
The Wall Street Jrl here has all the details of the MassMutual scandal including the personal side that people hope never makes the paper. What led to CEO O'Connell leaving and how his shadow retirement account increased over the years - it is all there.
Should this have come to light sooner?
While you are reading about the happenings at MassMutual, you may want to check out their website on fraud here.
Addendum - Maybe there is more to this picture. In the Connecticut Law Tribune (here) (subscription required), one sees the difficulties faced by corporations trying to investigate corporate problems. The corporation investigates and then an attorney general wants the investigation material (yes, the material that was obtained by the corporate attorneys) and then the next thing you know a newspaper is trying to get this material under the Freedom of Information. (see Hartford Courant here) So I guess it is not so simple these days for a company to investigate and bring forth any improprieties in a corporation. (esp)