Lynn Turner
Lynn Turner
billions collects company customer directly dollars economics financial indeed investors needs reflect reporting statements trouble
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.
admitted advocate against attorney counsel defense engage executives federal indeed investors message prosecutor rare sending shoulder stand thinking wonder
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.
financial indeed investors needs reporting trouble
If that is what the SEC accepts, then investors are in trouble and our financial reporting indeed needs improving,
areas certainly gone improvement seen
We certainly have seen some improvements in governance, but we've also seen some areas of no improvement, and some areas where things have gone backwards.
friends-or-friendship people sent
I sent it to my friends, and I sent it to my husband. I just sent it to people who I thought were speeders.
doubt number
There's no doubt that the number of restatements will be an all-time record, by a long shot.
stuff
That stuff isn't free. It has a cost.
auditors avoid certainly dice less paying perhaps rolling share sold sympathy
While I certainly don't have sympathy for the auditors and accountants who sold the shelters, I have perhaps even less sympathy for those who were rolling the dice just to see if they could avoid paying their share of taxes.
confidence good greater investors news numbers overall result
The good news is, as a result of that process, investors should have greater confidence overall in the numbers going forward.
companies company manage small turn
You can not manage a company without controls. Small companies turn into big companies, and you can't just turn the on-off switch.
arrogance bring certain disbelief money people suspension tends
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.
company cooking excuse executives foremost numbers people stirring
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.
guy nice
It's fantastic, ... He's a very nice guy for a politician.
Yes, I would, but only because it is him.