Word: healthsouth
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...other corporate fraudsters who may be facing long prison terms [March 28]. You reported that "Ebbers said he was too ignorant about accounting to detect the financial crimes of his underlings." John Rigas, ceo of Adelphia Communications, "claimed he was ceo in name only." And Richard Scrushy, CEO of HealthSouth Corp., "thought his financial officers, though aggressive, were operating within the confines of the law." It is stunning how men who claim to be so clueless came to run huge companies and earn salaries that would make Croesus blush. I would like the board of directors of any corporation looking...
...other corporate fraudsters who may be facing hard time [March 28]. You reported that "Ebbers said he was too ignorant about accounting to detect the financial crimes of his underlings." John Rigas, CEO of Adelphia Communications, "claimed he was CEO in name only." And Richard Scrushy, CEO of HealthSouth Corp., "thought his financial officers, though aggressive, were operating within the confines of the law." It is stunning how men who claim to be so clueless came to run huge companies and earn salaries that would make Croesus blush. I would like any corporation looking for a new CEO to know...
Business education has also produced former Enron CEO Jeff Skilling and other MBAs behind the malfeasances of Tyco, HealthSouth, Haliburton, AIG, and WorldCom. Many executives of corporate America who hold MBAs have also been engaged in the unethical acts of raiding their corporate treasuries at the expense of employees and stockholders. Emulating President Bush’s hubris, a multitude of CEOs in corporate America give themselves obscenely large bonuses that have little to do with their performance. In 1980, the CEOs of Fortune 500 large corporations received, on average, 70 times larger annual compensations than their average employees. Under...
...receives about 20 years, as some legal analysts predict, when he's scheduled to be sentenced in June, he could spend the rest of his life in prison. That's a bad omen for four other prominent execs facing criminal charges: Richard Scrushy, the former chief of HealthSouth being tried for fraud in Alabama; the top two Enron guys, Kenneth Lay and Jeffrey Skilling, scheduled for trials next year; and Dennis Kozlowski, accused of looting Tyco and being retried following a mistrial last year...
RICHARD SCRUSHY, former HealthSouth CEO, to an aide two years ago referring to what would happen if the company's financial statements were made public, according to a secretly recorded tape played at Scrushy's fraud trial...