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The Market

by Mike Masnick

Fri, Jun 28th 2002 9:14am





Now Xerox Has Made Up A Few Billion Dollars Here And There

from the and-on-and-on-and-on-and-on dept

Let the bloodletting begin. I'm beginning to wonder if there's any major company out there that hasn't been completely cooking their books the past few years? The latest on the list is Xerox, who has said they may have improperly recorded $6 billion. It was already known that they had some problems, but apparently a new audit showed they were even worse than originally thought. When are people going to start going to jail for this stuff?

2 Comments | Leave a Comment..


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  1.  

    No Subject Given

    identicon
    Anonymous Coward, Jun 28th, 2002 @ 9:47am

    Um, how about "never"? The corporate culture in this country is sooooooo focused on profits, profits, profits at all costs. That's why you see the endless drumbeat of heartless layoffs, ridiculously inflated CEO salaries, and bullshit accounting scandals. But the worst thing is, as we all know, the justice system here is firmly in the back pocket of Big Business - which is why you see such brazen theft as we've been seeing lately. And this is just the tip of the iceberg!

    Viva la capitalisme!

    [ reply to this | link to this | view in thread ]

  2.  

    Zerox-zero profits, high executive pay.

    identicon
    Joe, Jun 29th, 2002 @ 10:47am

    Zero profits, huge executive compensation-change the incentives and the actors will change their behavior. How about restricting exercises of stock options until AFTER (say, 6 months) an executive leaves a corp and AFTER the results have been thoroughly audited and attested to by CEO's and more tightly regulated auditors. This way while at the corp the exec cannot prosper by cooking the books!

    It might help if this bizarre deregulation mantra so faithfully parroted by tech types come to an end also-it's STUPID and DOESN"T WORK IN THE REAL WORLD OF WHITE COLLAR CRIME.

    [ reply to this | link to this | view in thread ]


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