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due diligence or caveat emptor is always in play. The boys and gals counting those 'beans' prior to acquisition are probably outside l@@king for new jobs given their performance?
The two held primarily responsible are no longer with the company but the board "feels terribly" because they approved it.
Ironically, unlike the auto deal this one was vetted by two national accounting firms who found no issues. It was only after an employee of the purchased company pointed the accountants in the right direction that the shenanigans were discovered. Guess there was no incentive for anyone pointing people in the right direction long ago.
Oh well. In the big scheme of things, what's a few billion dollars written off here or there. Plenty more where that came from. At least it will keep a few hundred lawyers employed and flush for the "multi-year journey" while it all sorts out. That has got to be a boost for the economy.
Different climate 60 years ago so doubt there would have been much recourse -- even if someone had wanted to pursue it.
money.cnn.com/2012/11/20/technology/ente ... -earnings/index.html?source=cnn_binThis Post was from: https://packardinfo.com/xoops/html/modules/newbb/viewtopic.php?post_id=113315