Today’s morning papers bring news of an indictment of corporate executives. Unfortunately, that isn’t as notable as it used to be.
But the report regarding the fallout due to allegations of inflated revenues at Bristol-Myers Squibb was notable, due to one of the terms of a settlement reached by the company to avoid indictment. As reported by the New York Times:
The $300 million will compensate shareholders financially harmed by the manipulation as part of a “deferred prosecution” agreement. In addition, Bristol-Myers agreed to establish an endowed chair in business ethics at the Seton Hall University Law School in Newark.
Will the Enron prosecutors demand that a Jeffrey Skilling chair in commercial transactions be established at a law school in Houston?
This arrangement is tame by comparison.
Tomorrow, back to the regular Monday – Wednesday – Friday posting schedule.