Thursday, September 7, 2006
Fraudulent Conduct is Still the Trend in the Corporate World
From Taipeitimes.com: What do AT&T, Boeing, Com-verse Technology, Prudential Financial, Medtronic, Schering-Plough and Tenet Healthcare have in common?
In recent months, they have all been charged with fraudulent conduct by the US Justice Department's Corporate Fraud Task Force, or with serious misconduct by government prosecutors.
Among other charges, the companies were accused of deceptive stock trading, improper billing, falsification of drug prices, kickbacks to doctors and the creation of a "secret stock options slush fund."
The total cost of their misconduct in fines and effective penalties to shareholders? A cool US$2.6 billion. Rest of Article. . . [Mark Godsey]