Posts on quality, life, culture, the media, news & tech with a twist & a slice of Limey. I moved my blog to http://renaissancehambara.jp in December 2006, go there for the latest content.
Wednesday, January 12, 2005
Papas gotta brand new swag bag
Two recent stories caught my eye. Corporate sinners WorldCom and Enron have surfaced again with former board members agreeing to give back some of their loot. As part of a settlement of a class action suit against Enron former board members have agreed to hand over 13 million USD according to this report in the Washington Post.
In addition, ten former directors of WorldCom have agreed to pay 18 million USD between them as part of a court settlement. These agreements are highly unusual as directors legal costs and settlement payments are taken care of by the company or an insurer. Does this set a precedent against directors of other high profile business failures like Tyco Industries, the AOL Time-Warner merger, DrKoop.com or Boo.com?