CA's Ex-CEO Indicted on Fraud

An anonymous reader writes "CNN is carrying a story about how Sanjay Kumar, ex-CEO of Computer Associates, was indicted on fraud charges. Prosecutors said the long-running accounting fraud scheme featured what came to be known by Computer Associates employees as a "35-day month" because company books were routinely kept open until revenues exceeded projected goals. "The defendants cooked the books by simply keeping them open beyond the end of a fiscal quarter for however long it took to meet the analysts earning estimates," said Deputy Attorney General James Comey. Comey said by the time the "house of cards" collapsed, about $2.2 Billion in revenue was booked prematurely. Good thing CA settled it's case with the DOJ."

Comments

That's what happens

[melted]

When you put a guy from a country where business ethics are significantly different from what we're used to in the US in charge of a large corporation.

He doesn't know any better.

Until you realize a lot of them are scapegoats.

[Shivetya]

It is well know in China that the real people who commit the crimes are rarely if ever punished as long as they maintain good party standing.

It is the low level functionaries that have to look over their shoulder.

As a further note, how in the hell did you get modded insightful? Are the mods just as ignorant as you? China kills upwards of 5000 people a year by the estimates of some human rights groups. If that is not a depressing thought I do not know what is!