Restating Earnings
Amusing take via Scott Adams:
Source: Dilbert.com
Wednesday, November 29, 2006 | 11:51 AM | Permalink
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Bloomberg reports that MSFT's Zune took 9% share of the market in first week
Posted by: abe | Nov 29, 2006 11:35:55 AM
their likelihood of staying anywhere near 9% is as good as Apple coming out with a brown version.
http://video.google.com/videoplay?docid=36099539665548298&q=microsoft+ipod
Similar to iPod, but bigger, 5 years later, doesn't play 'Plays for sure' MS DRM. But hey, it comes in brown.
Innovation, Microsoft style. Take others' ideas and turn'em into crap. This is one turd on the run...
http://www.youtube.com/watch?v=V5ENLm0JsQw
Posted by: curmudgeonly troll | Nov 29, 2006 12:07:34 PM
when are the other 1000+ companies with options back dating issues going to come out of the closet? do all of these guys just get to resign and go play golf after looting the shareholders blind ........... what happened to our justice system ?
Posted by: Gold | Nov 29, 2006 12:49:38 PM
From today's Washington Post:
"Business interests, seizing on concerns that a law passed in the wake of the Enron scandal has overreached, are advancing a broad agenda to limit government oversight of private industry, including making it tougher for investors to sue companies and auditors for fraud."
Maybe soon companies will have the right to make up numbers again. After all, following the S & L's Congress went on a wave of financial deregulation. "But it's different this time"?
Five Years After Enron, Firms Seek Weaker Rules
By Carrie Johnson
Wednesday, November 29, 2006; Page A01
http://www.washingtonpost.com/wp-dyn/content/
article/2006/11/28/AR2006112801686.html
Posted by: paul | Nov 29, 2006 12:57:39 PM
That's unbelievable paul.
I guess these guys have a hard time with being accountable to their unwashed employers. Do they forget that they are supposed to be our employees and we own those businesses?
I guess we can all go out and eat cake
Posted by: DavidB | Nov 29, 2006 1:08:01 PM
Nothing like risk free self dealing..... what a set up. Unfortunately ordinary Joes like you and me actually have to put our balls on the line to make money.
Posted by: Gold | Nov 29, 2006 1:26:25 PM
Gold: "what happened to our justice system"?
Spitzer is too busy shopping for accoutrements for his new Albany home and contemplating whether he'd like to eventually have his mail sent to 1600 Pennsylvania Avenue to worry about corporate corruption any more.
Posted by: S | Nov 29, 2006 1:57:08 PM
Regulation is EVIL and an impediment to our free-markets and the "genius" of capitalism.....
-standard Republican boilerplate
(translation-while the "Kenny boys" of the world may eventually wind up in hades, in the meantime, "you scratch my congressional back and i'll scratch your bottom line genius!"
Posted by: brion | Nov 29, 2006 2:28:13 PM
I have the answer to backdating, just do like IBM. They gave Sam zero cost options and he exercises in one day and makes a cool $5.1 Million.
Posted by: me | Nov 29, 2006 2:43:32 PM
Is that 9% market share number based on # of Zunes pushed out into stores, or # of Zunes actually sold to end-users?
Posted by: exSFBarista | Nov 29, 2006 2:48:53 PM
Steve Jobs is going to Jail for Backdating options?
http://www.dailywealth.com/archive/2006/nov/2006_nov_29.asp?printdoc=print
Posted by: my1 | Nov 29, 2006 5:24:59 PM
More from today's New York Times on the 'independent' panel:
"In general, it said, the government should be hesitant to ever indict companies, given possible damage to innocent shareholders and to the economy, and it said the law should be changed to give Washington the power to block state indictments of accounting or financial firms."
Call that last provision the anti-Spitzer clause.
"Federal indictments of corporations should occur only “in exceptional circumstances of pervasive culpability throughout all offices and ranks,” the report stated. It added that if a state wanted to bring charges against either an auditing firm or a financial firm, the Justice Department should be able to block the prosecution “on the grounds of national interest.”"
snip
""The report pays lip service to the need for rigorous enforcement but would dramatically diminish the effectiveness of the S.E.C., of criminal enforcement, of state attorney general enforcement and of private damage actions,” said Harvey J. Goldschmid, a professor at Columbia Law School who had served as general counsel and as a member of the S.E.C. He said he had seen the final report but declined to discuss or disclose details of it.
"“The recent drive for accountability and deterrence would be replaced by a world in which almost anything goes,” he added. “The committee raised legitimate questions but over all their recommendations are unbalanced and unwise.”"
http://www.nytimes.com/2006/11/30/business/30regs.html
Panel to Urge Rewriting Rules to Aid Companies
By FLOYD NORRIS and STEPHEN LABATON
Published: November 30, 2006
Posted by: paul | Nov 30, 2006 6:54:32 AM
