Tuesday, June 28, 2005

Scrushy Walks

Ex-HealthSouth CEO Scrushy found not guilty - Yahoo! News

There will be no front page national stories about another lying CEO found innocent, because this is not news. The wealthy buy the city council, state legislators, and ultimately write the laws that are passed by Congress.

The red staters in this country will cry and whine for weeks about Michael Jackson and stupid LA juries, but not a troubling thought will cross their white Christian minds about a man who helped steal 4 billion dollars.

"Five former HealthSouth finance chiefs, who had all pleaded guilty to taking part in the fraud, were among the government witnesses who testified that their ex-boss either knew about or actively participated in a scheme to inflate HealthSouth earnings and assets from 1996 to 2002 to prop up the company's share price.

The defense contended all along that the fraud was carried out by Scrushy's underlings, who lied to keep it from him.

Forensic accountants working for the company's new management ultimately determined that the fraud resulted in a $3.9 billion net reduction in shareholder equity.

HealthSouth on Monday issued its long awaited restatement of earnings for 2000 and 2001 that showed that instead of the profits reported for those years the company in reality sustained more than $650 million in losses."

No comments: