Slashdot Mirror
Stock Options Scandal Rocks McAfee
narramissic writes "ITworld is reporting that in the wake of a stock-options investigation, executive shake-up is under way at security software vendor McAfee, including the firing of the company's president. From the article: 'McAfee announced Wednesday that it has terminated the employment of its president, Kevin Weiss. The company's Chief Executive Officer and Chairman George Samenuk is retiring from those roles and the board of directors has appointed Dale Fuller as interim CEO.'"
Well it is an issue of years of abuse. And lately there is a crackdown on such abuses. I will expect more in the future as the feds get around to invistigating other companies.
If something is so important that you feel the need to post it on the internet... It probably isn't that important.
it popped because of this... WorldCom, Enron, and all the others were playing with stocks, thanks to rules implemented in the 90s.
Instead of earning a regular wage (and getting taxed for it), they were given stocks which encouraged the holders to do what they could to cook the books...
Thanks to file sharing, I purchase more CDs
Thanks to the RIAA, I buy them used...
This scam took a statistician to find and prove and that was only because stock option grants to executives are publically published at the end of each fiscal year prior to the SOX law. Now they have to be reported in a matter of just a couple of days which is why all this BS ended in 2003. IMHO, the only way this could be so wide spread and adopted it must have been touted by accounting consultants, financial consultants, and executive placement firms.
What concerns me even more is that this is surely just one of many widely used scams by executive to steal money from the company and shareholders. Obviously this scam had to be replaced with another money maker for executives once the SOX law was passed in 2002. We live in a weird era where executives have complete control over these companies and corporate raiding is the norm.