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HP Skates Away From SEC Charges

Posted by Zonk on from the that-is-some-good-lawyering-right-there dept.

theodp writes "The SEC has dropping charges against HP, in return for some small concessions. The company was originally charged with improperly depriving investors of important information, violating the public reporting requirements of the Securities Exchange Act, and failing to disclose the full impact of an out-of-control press leak investigation. In return for the dropped charges, the computer maker simply agreed to cease and desist from doing similar acts in the future, without admitting or denying having done so in the past. 'HP acted in what it believed to be a proper manner,' said the company in a press release."

9 of 80 comments (clear)

  1. Re:Did they have those shoes with built in skates? by BosstonesOwn · · Score: 1, Insightful

    No they skated away on the remanents of the grease they paid these guys to let them get off.

    Why don't we hold corporate america to high standards any more ? This countries reputation is being bought and sold by these companies everyday.

    Nothing like greasing the goons to let you go.

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  2. yep by mastershake_phd · · Score: 3, Insightful

    Step 1: Become a Corporation. Step 2: Commit a crime. Step 3: Profit! Step 4: Dont go to jail. and maybe.. Step 5: Write a book about it. Step 6: Profit!

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    Libertarian Leaning Political Discussion Forum.
    1. Re:yep by BosstonesOwn · · Score: 1, Insightful

      Yeah only 1 problem, you forgot step 5b write a check for each one of the people you need to buy to make these "issues" go away.

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  3. Re:Did they have those shoes with built in skates? by faloi · · Score: 3, Insightful

    Why don't we hold corporate america to high standards any more ?

    Any more? When did we ever?

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    "It is a miracle that curiosity survives formal education." -Albert Einstein
  4. So, promise not to break the law... by surfingmarmot · · Score: 3, Insightful

    ...and escape all punishment for having knowingly and egregiously broken the law before the promise. From the SEC press release: "Without admitting or denying the Commission's findings, HP consented to an order that it cease and desist from committing or causing violations of these provisions." Oh, wait I get it! Knowing something is illegal and doing it anyway is not grounds for punishment as long as you, once cuaght, just promise to cease and desist violating the law thereafter. Defendant: "Gosh Your Honor. If, despite the prosecution's proving I broke the law and robbed a bank, I neither admit nor deny doing it and further I promise to cease and desist robbing banks in the future, can I just go free now?" Judge: "Certainly. I think you've learned your lesson. Defendant dimissed. Son you are free to go" Corporations and the rich are held to far lower standards than the rest of us.

    1. Re:So, promise not to break the law... by Crazy+Man+on+Fire · · Score: 4, Insightful

      Hurting innocent people, huh? Why shouldn't investors share responsibility for the actions of the corporations in which they invest? This is exactly the mindset that got us into this corporate ethics mess in the first place. If the shareholders aren't responsible, then who is? As a part owner of a corporation engaging in illegal activities, you aren't an innocent. If the stock value declines as a result of illegal activities of the corporation, stockholders deserve to lose money. Otherwise, there's no incentive for the corporations to behave responsibly and no incentive for investors to avoid corporations that engage in illegal/unethical practices.

  5. Re:Did they have those shoes with built in skates? by asphaltjesus · · Score: 2, Insightful

    Yes. that's part of being in the club. Recent high-profile club members that will get off include:

    The major government IT vendors: http://it.slashdot.org/article.pl?sid=07/04/19/234 7237

    Jack Abramhoff and his pals: http://en.wikipedia.org/wiki/Jack_Abramoff. A tiny number of people were perp-walked.

    The Bush administration for, among other things, sodomizing the division that is used to exist between the Executive branch and the Attorneys General. http://slashdot.org/comments.pl?sid=234873&cid=191 46051 No consequences on this one.

    American history is full of corporate shenanigans that ended with no penalties. Why does it suck now?

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  6. Seems like a small thing to me. by PHAEDRU5 · · Score: 2, Insightful

    They had a leak. they investigated the leak. They presented findings to the board. One board member objected to the investigation and presentation process and resigned. They didn't disclose the full details of the resignation to the SEC.

    It's not like they poisoned Bhopal, killed a bunch of pets, or murdered everyone in Hama.

    Ohhhhhhh. I get it. Big company. Definitely deserving of all the flea bites the /. fanboy readership can inflict.

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    668: Neighbour of the Beast
  7. Your forget Step 3.5 by Anonymous Coward · · Score: 1, Insightful

    Step 3.5 use that profit to give congress some bribes, err I mean campaign contributions.