Comments on: Bear Stearns Short Subprime to Tune of $1 Billion http://www.nakedcapitalism.com/2008/02/bear-stearns-short-subprime-to-tune-of.html Mon, 23 Nov 2009 09:12:43 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: Anonymous http://www.nakedcapitalism.com/2008/02/bear-stearns-short-subprime-to-tune-of.html#comment-5359 Anonymous Mon, 17 Mar 2008 18:04:00 +0000 http://www.nakedcapitalism.com/2008/02/bear-stearns-short-subprime-to-tune-of-1-billion/#comment-5359 It's unbelievable how much money these charlatan carpetbagging thieves make even when failing to exhibit leadership in almost every way possible. And you people in Manhattan allow it to go on. Grasso is just one example of getting overpaid for doing what you're supposed to do. It makes no sense at all to give out huge bonuses for FAILURE but the BOD start to behave just like our legislature, they are paid hacks of the CEOs because they are all sharing seats. It’s unbelievable how much money these charlatan carpetbagging thieves make even when failing to exhibit leadership in almost every way possible. And you people in Manhattan allow it to go on. Grasso is just one example of getting overpaid for doing what you’re supposed to do. It makes no sense at all to give out huge bonuses for FAILURE but the BOD start to behave just like our legislature, they are paid hacks of the CEOs because they are all sharing seats.

]]> By: Anonymous http://www.nakedcapitalism.com/2008/02/bear-stearns-short-subprime-to-tune-of.html#comment-3829 Anonymous Fri, 08 Feb 2008 22:12:00 +0000 http://www.nakedcapitalism.com/2008/02/bear-stearns-short-subprime-to-tune-of-1-billion/#comment-3829 What ever happened to accountability??<br/><br/> Sarbanes-Oxley mandates personal accountability for CFOs and CEOs. Their signatures on the appropriate documents accomplish the accountability. In other cases, the regulations are more obtuse.<br/>Many of the articles on SOX focus on the requirement for CEO and CFO sign-off. Though critical, this is really the tip of the iceberg. The requirements behind these regulations reach into all aspects of the corporation. For both SOX and Basel II, their focus is to greatly improve transparency, governance, accuracy, accountability and integrity of financial accounting and reporting.<br/><br/>Penalties for Accounting Restatement If a company<br/>issues an accounting restatement as a result of<br/>noncompliance with financial reporting<br/>requirements, the CEO and CFO must refund all<br/>incentive-based compensation such as bonuses<br/>and options received during the 12-month period<br/>following the incorrect financial statement. What ever happened to accountability??

Sarbanes-Oxley mandates personal accountability for CFOs and CEOs. Their signatures on the appropriate documents accomplish the accountability. In other cases, the regulations are more obtuse.
Many of the articles on SOX focus on the requirement for CEO and CFO sign-off. Though critical, this is really the tip of the iceberg. The requirements behind these regulations reach into all aspects of the corporation. For both SOX and Basel II, their focus is to greatly improve transparency, governance, accuracy, accountability and integrity of financial accounting and reporting.

Penalties for Accounting Restatement If a company
issues an accounting restatement as a result of
noncompliance with financial reporting
requirements, the CEO and CFO must refund all
incentive-based compensation such as bonuses
and options received during the 12-month period
following the incorrect financial statement.

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