Monday, June 23, 2008

What Took So Long ?

Bumped from Friday Am...

I know that it's Friday and we should all just relax and get into the weekend mode but THIS is something that has been nagging at me like a bad back before a rainstorm since 2001.


Reuters; Published: Thursday, June 19, 2008

"TORONTO - The Royal Canadian Mounted Police laid criminal charges against former Nortel Networks Corp Chief Executive Frank Dunn and other onetime executives on Thursday, accusing the men of fraudulently misstating the telecom equipment maker's results.

Aside from Dunn, who faces seven counts, former Chief Financial Officer Douglas Beatty, and Michael Gollogly, Nortel's former corporate controller, also face charges.

The market enforcement team of the RCMP said the three were also accused of making false entries and omitting materials in Nortel's books. "

There is a LOT more to what went on at Nortel leading up to the specifics of this case which looks at 2002 to 2004 and industry insiders know damned well how much the Nortel brass were involved in the process that led to the over valuation and eventual collapse of the the company's stock. Perhaps overshadowed by the Mega Scandals at World Com and Enron that got all the media attention the disaster that Nortel Management brought to their employees and shareholders was no less of a disgrace and crime.

WHAT the HELL took so long?


Labels: , ,



Post a Comment

<< Home