From the September issue of CFO magazine (it might be on www.cfo.com, I
did not check).

A LTE from Carl Olson, Chair of Fund for Stockowner's Rights (woodlands,
california), on page 12 says in 2005 there were 1599 restatements of
financial statements, and in 2006, there were 1,876 restatements.

Things are getting worse.

A fairly large article, "topline-Accounting, Mend the Gap" starting on
page 16 reported on the first meeting of The Advisory Committee on
Improvements to Financial Reporting (big list of big names in sidebar)
said, among other things--

- "10 percent of public corporations restated their financials in 2006"

Another sidebar, on page 17 said these things:

"Busted: Among the 1236 people convicted by the task force were: 214 CEOs
and presidents, 53 CFOs, 23 corporate attorneys, and 129 VPs." "The
charges brought have included securities fraud, insider trading, market
manipulation, false statements, stock-option backdating, conspiracy, money
laundering, and violations of the Foreign Corrupt Practices Act. In
addition to the convictions, the task force noted, more than $1 billion in
forfeitures have been distributed to victims of corporate fraud."

Straydog panix.com> dixit:

And the point is?

I don't think being a CEO makes you a crook per se. There's a good bunch
of dishonest people at employee and mid-management level too. Of course,
the seriousness of the crimes an employee can commit is low in comparison
with guys who manage millions of dollars and make all the important
decisions.

Marcos

There is no point.

Like politicians, CEOs and other high level executives are easy
targets for criticism.

A lot of people like to indulge in schadenfreude when politicians and/
or corporate executives get caught with their hands in the figurative
"cookie jar". It's another form of entertainment, just to see high
level people fall back down to earth.

Marcos Martinez Sancho wrote:

morrisjcroy@gmail.com wrote:

There you go again, you CEO worshipper, you!

How much is this different than some teenager "worshipping" Ozzy
Osbourne or Eminem?

It's more like watching a "trainwreck" in slow motion.

On Wed, 19 Sep 2007, Marcos Martinez Sancho wrote:

On Wed, 19 Sep 2007, alexy wrote:

On Wed, 19 Sep 2007, alexy wrote:

On Wed, 19 Sep 2007, morrisjcroy@gmail.com wrote:

In the case of the teenager, money flows out of the teenager's wallet
(and sometimes debt flows in, instead).

In the case of the CEOs, money flows into the CEOs' wallet.

And, who benefitted the most from all of this?

Society is a big trainwreck. Actually, lots of them.

Anyone for an extended discussion of this?