Greed at the Top

Enron, Worldcom, and how many others? Perhaps ones that have never come to light. Seems to this writer that being among the best paid people in the world is not enough. Those at the top manipulate events, and then make even more off their stocks or options.

The latest two that I have read about are RIM and Nortel. The SEC is suing former CEO Frank Dunn of Nortel fame, as well as the CFO and the controller, suggesting the three of them manipulated earnings to meet Wall Street expectations. Over at RIM, co-CEO Jim Balsillie was quoted as saying, “I haven’t read the Canadian rules handbook for 20 years”.

What happened to good old fashioned common sense when it comes to making decisions that might be a little “shady”? Back dating stock options seems innocent enough, right? Come on Jim, did you really not consider talking to your lawyer first?

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