Think Enron

And then read this little article. This little item especially brings to mind Enron.
Encourage auditors to use their own judgment in the process.
Yeah, we know how well that works.
Rojak posts, mostly political.
"A writer is a person for whom writing is more difficult than it is for other people." -- Thomas Mann
If so, I must be a writer.

Encourage auditors to use their own judgment in the process.
President George W. Bush's uncle, William H.T. "Bucky" Bush, was part of a group of outside directors at a defense contractor who realized about $6 million in unauthorized pay from an options backdating scheme, according to U.S. securities investigators.
Bush and other non-employee directors who served on the board of Engineered Support Systems Inc., now owned by DRS Technologies Inc., are not accused of any wrongdoing in a civil complaint filed on Tuesday by the U.S. Securities and Exchange Commission.
The SEC complaint, however, says the non-employee directors benefited from stock options not approved by shareholders.
"As a result, the company provided significant additional compensation to its outside directors beyond what shareholders had approved," the SEC complaint said. "These same directors later realized approximately $6 million from the exercise of their addtional stock options."
Labels: Bush, corruption, SEC