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  • PurpleThrobber
    PurpleThrobber Member Posts: 48,527 Standard Supporter
    SFGbob said:

    PurpleThrobber said:

    creepycoug said:

    SFGbob said:

    RaceBannon said:

    McCabe is now calling Rosenstein a liar

    Rats fighting

    Do CEOs who sign off on the company's financials get to hide behind "Nobody informed me of the problems with the numbers" defense when the SEC comes after them?
    Mostly, no.
    Depends on whether controls have been circumvented and whether the CEO had knowledge.

    If a fraud was being perpetrated including collusion going undetected at lower levels, he'd have a shot. If he had knowledge, maybe depending on what the mitigation performed was. Otherwise, SOX is not kind to the ignorant.

    What about if he says that he never bothered to read all of the financial reports and he never talked to the CFO about the fact that they knew the numbers were crap 6 months earlier?
    Otherwise, SOX is not kind to the ignorant.
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  • GreenRiverGatorz
    GreenRiverGatorz Member Posts: 10,168
    creepycoug said:

    SFGbob said:

    RaceBannon said:

    McCabe is now calling Rosenstein a liar

    Rats fighting

    Do CEOs who sign off on the company's financials get to hide behind "Nobody informed me of the problems with the numbers" defense when the SEC comes after them?
    Mostly, no.
    Thanks, Enron!
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  • creepycoug
    creepycoug Member Posts: 24,281
    PurpleThrobber said:

    creepycoug said:

    SFGbob said:

    RaceBannon said:

    McCabe is now calling Rosenstein a liar

    Rats fighting

    Do CEOs who sign off on the company's financials get to hide behind "Nobody informed me of the problems with the numbers" defense when the SEC comes after them?
    Mostly, no.
    Depends on whether controls have been circumvented and whether the CEO had knowledge.

    If a fraud was being perpetrated including collusion going undetected at lower levels, he'd have a shot. If he had knowledge, maybe depending on what the mitigation performed was. Otherwise, SOX is not kind to the ignorant.

    Yes.
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  • creepycoug
    creepycoug Member Posts: 24,281
    SFGbob said:

    PurpleThrobber said:

    creepycoug said:

    SFGbob said:

    RaceBannon said:

    McCabe is now calling Rosenstein a liar

    Rats fighting

    Do CEOs who sign off on the company's financials get to hide behind "Nobody informed me of the problems with the numbers" defense when the SEC comes after them?
    Mostly, no.
    Depends on whether controls have been circumvented and whether the CEO had knowledge.

    If a fraud was being perpetrated including collusion going undetected at lower levels, he'd have a shot. If he had knowledge, maybe depending on what the mitigation performed was. Otherwise, SOX is not kind to the ignorant.

    What about if he says that he never bothered to read all of the financial reports and he never talked to the CFO about the fact that they knew the numbers were crap 6 months earlier?
    No. That won't work.

    I encourage you to read the contents of the certifications signed by the CEO and CFO submitted with each periodic report filed with the SEC pursuant to Rules 13a-14(a) and 13a-14(b) of the Securities Exchange of 1934, as amended.

    I assume this was not a rhetorical question.
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  • creepycoug
    creepycoug Member Posts: 24,281
    GreenRiverGatorz said:

    creepycoug said:

    SFGbob said:

    RaceBannon said:

    McCabe is now calling Rosenstein a liar

    Rats fighting

    Do CEOs who sign off on the company's financials get to hide behind "Nobody informed me of the problems with the numbers" defense when the SEC comes after them?
    Mostly, no.
    Thanks, Enron!
    Yes, and World Com. Those companies changed the entire regulatory platform on which public companies exist. They also provided the big accounting firms with employment for life.
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  • SFGbob
    SFGbob Member Posts: 33,188
    creepycoug said:

    SFGbob said:

    PurpleThrobber said:

    creepycoug said:

    SFGbob said:

    RaceBannon said:

    McCabe is now calling Rosenstein a liar

    Rats fighting

    Do CEOs who sign off on the company's financials get to hide behind "Nobody informed me of the problems with the numbers" defense when the SEC comes after them?
    Mostly, no.
    Depends on whether controls have been circumvented and whether the CEO had knowledge.

    If a fraud was being perpetrated including collusion going undetected at lower levels, he'd have a shot. If he had knowledge, maybe depending on what the mitigation performed was. Otherwise, SOX is not kind to the ignorant.

    What about if he says that he never bothered to read all of the financial reports and he never talked to the CFO about the fact that they knew the numbers were crap 6 months earlier?
    No. That won't work.

    I encourage you to read the contents of the certifications signed by the CEO and CFO submitted with each periodic report filed with the SEC pursuant to Rules 13a-14(a) and 13a-14(b) of the Securities Exchange of 1934, as amended.

    I assume this was not a rhetorical question.
    Nope that was rhetorical as well, based entirely on what Rosenstein just did today.
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  • SFGbob
    SFGbob Member Posts: 33,188
    creepycoug said:

    GreenRiverGatorz said:

    creepycoug said:

    SFGbob said:

    RaceBannon said:

    McCabe is now calling Rosenstein a liar

    Rats fighting

    Do CEOs who sign off on the company's financials get to hide behind "Nobody informed me of the problems with the numbers" defense when the SEC comes after them?
    Mostly, no.
    Thanks, Enron!
    Yes, and World Com. Those companies changed the entire regulatory platform on which public companies exist. They also provided the big accounting firms with employment for life.
    Enron didn't workout too well for Arthur Anderson.
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  • GreenRiverGatorz
    GreenRiverGatorz Member Posts: 10,168
    SFGbob said:

    creepycoug said:

    GreenRiverGatorz said:

    creepycoug said:

    SFGbob said:

    RaceBannon said:

    McCabe is now calling Rosenstein a liar

    Rats fighting

    Do CEOs who sign off on the company's financials get to hide behind "Nobody informed me of the problems with the numbers" defense when the SEC comes after them?
    Mostly, no.
    Thanks, Enron!
    Yes, and World Com. Those companies changed the entire regulatory platform on which public companies exist. They also provided the big accounting firms with employment for life.
    Enron didn't workout too well for Arthur Anderson.
    It worked out okay. Most of the partners got cushy jobs with the remaining Big 4, and their business increased three-fold with guaranteed SOX-compliance work for life.
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  • GrundleStiltzkin
    GrundleStiltzkin Member Posts: 61,516 Standard Supporter
    GreenRiverGatorz said:

    SFGbob said:

    creepycoug said:

    GreenRiverGatorz said:

    creepycoug said:

    SFGbob said:

    RaceBannon said:

    McCabe is now calling Rosenstein a liar

    Rats fighting

    Do CEOs who sign off on the company's financials get to hide behind "Nobody informed me of the problems with the numbers" defense when the SEC comes after them?
    Mostly, no.
    Thanks, Enron!
    Yes, and World Com. Those companies changed the entire regulatory platform on which public companies exist. They also provided the big accounting firms with employment for life.
    Enron didn't workout too well for Arthur Anderson.
    It worked out okay. Most of the partners got cushy jobs with the remaining Big 4, and their business increased three-fold with guaranteed SOX-compliance work for life.
    Worked out for the next 4-5 firms down. The line for the Big 4 moved up, and a lot of real nice engagements rolled down to the next tier.
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  • creepycoug
    creepycoug Member Posts: 24,281
    SFGbob said:

    creepycoug said:

    GreenRiverGatorz said:

    creepycoug said:

    SFGbob said:

    RaceBannon said:

    McCabe is now calling Rosenstein a liar

    Rats fighting

    Do CEOs who sign off on the company's financials get to hide behind "Nobody informed me of the problems with the numbers" defense when the SEC comes after them?
    Mostly, no.
    Thanks, Enron!
    Yes, and World Com. Those companies changed the entire regulatory platform on which public companies exist. They also provided the big accounting firms with employment for life.
    Enron didn't workout too well for Arthur Anderson.
    It did for the others, where all the AA accountants went to work.
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