As it's noted in the release Andersen was aware of the problem and agreed to go along with it, ... That is problematic not only in this one but time after time after time at the SEC we saw that occurring, unfortunately in this case the number are just humongous.
More Quotes from Lynn Turner:
This year is almost unmatched in history.Lynn Turner
If the council determines not to approve the funding, we assume that will be consistent with a decision not to complete the investigation.
Lynn Turner
There's no doubt that the number of restatements will be an all-time record, by a long shot.
Lynn Turner
For a company such as Merck to reflect as revenues in its financial statements billions of dollars of co-payments a customer makes directly to another company, the pharmacy, which the pharmacy collects and never remits to Merck, just does not reflect the economics of what is occurring, ... If that is what the SEC accepts, then investors are in trouble and our financial reporting indeed needs improving.
Lynn Turner
That's indicative of a company with an imperial CEO and very poor controls.
Lynn Turner
One can only wonder what message the U. S. attorney was thinking of sending to other executives who engage in such behavior. It is indeed rare that a federal prosecutor would stand shoulder to shoulder with the defense counsel of an admitted felon who bilked investors of over 3 billion, and against the advocate for investors, the SEC.
Lynn Turner
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Based on Topics: Time QuotesBased on Keywords: humongous
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