The dangers of executives talking up their crumbling companies
Robert K. Steel, chief executive of Wachovia, told The New York Times two weeks ago "we have a great future as an independent company."
The company’s shares closed at $10.71 that day. On Monday, Citigroup bought Wachovia for $1 a share. Andrew Ross Sorkin of the Times writes it’s hard to imagine taxpayers spending any amount to bail out Wall Street without some big-name executives going to jail for fraud — probably for lying to the investing public. Executives who talk happy while their companies are crumbling could put themselves in legal jeopardy.
(prsa.org)
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