31–40 of 151 posts
Did the PwC auditors have skin in the game? Do they have to stand by their decision when questioned or is it just a stamp of approval?
White collar criminal liability in the US is absurd. Out of a political desire get the big bad rich people we have in the process turned every executive of a sufficiently complex operation into an unwitting criminal.
> Out of a political desire get the big bad rich people we have in the process turned every executive of a sufficiently complex operation into an unwitting criminal. Yet we only saw a small number of arrests come out of the 2008 housing crisis, despite widespread fraud. The few cases that were successfully prosecuted involved 9 and 10 figure fraud operations. At the core of the issues is the idea that ignorance of th…
the title is "Why I Did Not Go To Jail" Does anyone understand why having employee options set a lower price would be illegal? Or is there just more details that were left out because the specifics are not necessary for the story?
Here's a good summary of the stock option backdating scandal. https://www.theglobeandmail.com/report-on-business/options-b... It was because the paperwork for the option grants were being written at the end of the month with a date based on the lowest price during the preceding month, a common practice at the time, but one that misrepresented when the options were actually granted, thereby enriching grantees at the e…
This is one of the more important bits to be periodically reposted on HN. Compliance with the law is not 'optional', and if you cross that line there is a fair chance that it will come back to bite you. Regulated industries, stock transactions (and options, as in this bit of startup history) all have their peculiarities and you need to realize that not all of these end up with the proverbial slap on the wrist if you…
Let me make it better: resign, but also take precautions, in case after your resignation, your boss offloads some guilt to you.
White collar criminal liability in the US is absurd. Out of a political desire get the big bad rich people we have in the process turned every executive of a sufficiently complex operation into an unwitting criminal.
Did the PwC auditors have skin in the game? Do they have to stand by their decision when questioned or is it just a stamp of approval?
A lawyer and a client are discussing an agreement. The lawyer says: here we f* them; here we f* them; here they f* you. Here also. And the client is left asking: why when we f* them it's us, and when they f* us it's just me?
This is just to say that, most likely, PwC didn't pay anything, nor any of their lawyers or consultants go to jail.
Earlier quoted context omitted.
> Out of a political desire get the big bad rich people we have in the process turned every executive of a sufficiently complex operation into an unwitting criminal. Yet we only saw a small number of arrests come out of the 2008 housing crisis, despite widespread fraud. The few cases that were successfully prosecuted involved 9 and 10 figure fraud operations. At the core of the issues is the idea that ignorance of th…
Ignorance of the law is indeed not an excuse. But all that means is that it’s not a legal excuse, as in it’s literally not a defense you can raise. It says nothing about the morality of criminalizing innocent conduct. Many regulatory crimes require no mens rea at all. And even more criminalize things that no reasonable person would expect to be a crime. Criminal punishment is supposed to be for despicable conduct, no…
White collar criminal liability in the US is absurd. Out of a political desire get the big bad rich people we have in the process turned every executive of a sufficiently complex operation into an unwitting criminal.
This is one of the more important bits to be periodically reposted on HN. Compliance with the law is not 'optional', and if you cross that line there is a fair chance that it will come back to bite you. Regulated industries, stock transactions (and options, as in this bit of startup history) all have their peculiarities and you need to realize that not all of these end up with the proverbial slap on the wrist if you…
And it's not just corporate tax law. Health care is a dumpster fire. Lots of overly complicated modern bureaucracies. We're not as smart as we think we are.
White collar criminal liability in the US is absurd. Out of a political desire get the big bad rich people we have in the process turned every executive of a sufficiently complex operation into an unwitting criminal.
> Out of a political desire get the big bad rich people we have in the process turned every executive of a sufficiently complex operation into an unwitting criminal. Yet we only saw a small number of arrests come out of the 2008 housing crisis, despite widespread fraud. The few cases that were successfully prosecuted involved 9 and 10 figure fraud operations. At the core of the issues is the idea that ignorance of th…