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.
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.
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,
Yes, I would, but only because it is him.
stuff
That stuff isn't free. It has a cost.
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.
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.
doubt number
There's no doubt that the number of restatements will be an all-time record, by a long shot.
guy nice
It's fantastic, ... He's a very nice guy for a politician.
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.
agreed along aware case noted number problem release saw time
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.
ceo company imperial indicative poor
That's indicative of a company with an imperial CEO and very poor controls.
good hey horrible people stops
Wasn't horrible and it made sense. And if it stops people from speeding, hey that's a good deal.