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Take-Two Faces $20 Million Settlement For "Hot Coffee" Scandal
eldavojohn writes "Take-Two has settled with shareholders to the tune of $20 million dollars over the 'Hot Coffee' debacle. Ars brings the details on how a badly-handled situation resulted in shareholders suing Take-Two. '[The scandal] led to a media panic because it was assumed the sexual content was easy for children to get to (it wasn't) or that sex themes were becoming common in games (they aren't). Still, the lawsuit shows how badly the company bungled the situation, and it's easy to see how Take-Two's management directly caused shareholders to lose money. ... The suit alleged far more than a single misstep with Hot Coffee, however. "Take-Two's management was not cooperating or assisting with the Company's audit committee and was failing to keep the Board of Directors informed of important issues or failing to do so in a timely fashion," the complaint stated. Inventory was misstated, as was software development costs."
in the US the basic rule seems to be Gordon Gekko's slogan "Greed is good", anything goes as long as you're being greedy.
While in the rest of the world people get by with love and sharing? Greed is not a US problem. In fact, as badly as corporations do here they tend to be a lot worse elsewhere. Look at the China milk scandal.