More ammo for Josh's cannon.
1:00:55 PM  #  

Software Pioneer Quits Board of Groove. Mitchell D. Kapor, a software pioneer, resigned from the board of Groove Networks after learning the company's software was being used by the Pentagon for surveillance. By John Markoff. [New York Times: Technology]

Gotta hate it when your chief evangelist quits...

Update: stupid me confused Mitch with Ray Ozzie, Groove's founder...this isn't such a big deal after all.

12:55:28 PM  #  

10 Top Executives in South Korea Indicted on Stock Charges. The executives were indicted on charges of manipulating the value of stocks and inflating profits in an effort at solidifying family control over the group. By Don Kirk. [New York Times: Business]

Begun, this market fraud has...

12:54:03 PM  #  

Just a little word of advice to novice investors:  when this happens and it's not due to typical retirement after several years of service, your best bet is to cut your losses and run for the hills.  More bad news usually follows.
9:09:46 AM  #  

KPMG Said to Agree to Settle Lawsuit. KPMG, the accounting firm, said that it had agreed to pay $75 million to settle an investor lawsuit that had accused it of helping Oxford Health Plans misstate finances, an investor lawyer said. By Bloomberg News. [New York Times: Business]

And accountants wonder why their reputation is so tarnished these days :)

My prediction is that there is going to be another mega-scandal, a la Enron sometime soon and I think one more accounting firm is going to bite it.  I think I have a good idea which firm it might be too...

9:06:58 AM  #