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

It's Its

[Clipper]

"CA settled it's case with the DOJ."

It should be its, not it's.

Since we had a recent article from the CGL at the Univeristy of Waterloo, here's the explanation from one of the faculty there.

Yes, I'm pedantic.

Re:Enron

[dodobh]

Actually, no.
Enron "invested" in a power project with some rather underhand dealings and the next government to take power put the project on hold.
So Enron just couldn't get the returns they expected (they didn't get any).

This has absolutely nothing to do with their IT division.

Convict Chuck Wang too!

[GomezAdams]

I worked for a company that was taken over by CA. They quit paying the consultants expenses in a ploy to save the money for Wang and Kumar and to get us to quit instead of laying us off and paying unemployment. The bastards still owe me thousands and I eventually quit them because of it when I saw what was happening and realized I would never recover the money. One of the jokes among former CA consultants when they meet is about how much money CA cheated them out of. And that was during Wang's watch. Send them both to the slammer for theft and misconduct.