Lynn Turner Quotes (16 Quotes)

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.

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.

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.

First and foremost it is the company, it's these executives that put these numbers together, it's not the auditors. So the people who are actually in the kitchen, cooking the books, stirring the stew, so to speak, are these executives, and there is no excuse for what happened.

If the council determines not to approve the funding, we assume that will be consistent with a decision not to complete the investigation.

I sent it to my friends, and I sent it to my husband. I just sent it to people who I thought were speeders.

There's no doubt that the number of restatements will be an all-time record, by a long shot.

I don't see disclosures that Citigroup was trying to reduce its exposure to Enron -- trying to reduce its exposure at the same time it was trying to increase that exposure to outside investors by issuing notes,

When people get successful, when people find that they are making a lot of money, it tends to bring with it certain things like arrogance and greed, ... There was a suspension of disbelief in the 1990s. No one wanted to roil the waters.

These guys had repeated instances of errors in their financials, delayed filings and people who could not get their job done, who had to be reassigned. It is surprising given all the shareholder money that was spent by the company and taxpayer money spent by the SEC on this investigation, nothing has resulted from it.

That stuff isn't free. It has a cost.

You can not manage a company without controls. Small companies turn into big companies, and you can't just turn the on-off switch.

That's indicative of a company with an imperial CEO and very poor controls.

Wasn't horrible and it made sense. And if it stops people from speeding, hey that's a good deal.

The good news is, as a result of that process, investors should have greater confidence overall in the numbers going forward.

This year is almost unmatched in history.