Another one Bites the Dust!
From the business section in the November 21st, USA Today Newspaper.
U.S. Medical company, Cybernetics, is under investigation because of its controversial compensation packages for managers and executives.
The company has provided executives with $50 million in stock-trading profites while it continues selling a money losing product.
SEC investigatoes also found that insiders have been incorrectly dating transactions for a long period of time. The company has understated its executive compensation packages by $10 million and will have to restate its financial statements from 1999 onward.
In light of this, their current CEO has resigned. This recent development could lead to on e of the biggest financial scandals of recent times, further proving my point that “If you do it, you will get caught eventually.”
Once again corporate greed is proving to build distrust in the American populace with any big business dealings. A very bad business decision indeed.
U.S. Medical company, Cybernetics, is under investigation because of its controversial compensation packages for managers and executives.
The company has provided executives with $50 million in stock-trading profites while it continues selling a money losing product.
SEC investigatoes also found that insiders have been incorrectly dating transactions for a long period of time. The company has understated its executive compensation packages by $10 million and will have to restate its financial statements from 1999 onward.
In light of this, their current CEO has resigned. This recent development could lead to on e of the biggest financial scandals of recent times, further proving my point that “If you do it, you will get caught eventually.”
Once again corporate greed is proving to build distrust in the American populace with any big business dealings. A very bad business decision indeed.
posted by Kyle at 12:57 PM
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