i was reading this story last night and wondering what the hell kind of company is this that can let something that large go unnoticed?
it boggles the mind at how major corporations are sometimes organized so poorly ...
It does seem amazing that he could perpetrate a fraud on this scale without anyone noticing. If anything turns up in the weekend papers I'll see if there is further explanation.
i know after Enron, a lot of the major companies had their CFO's sign public papers stating they had looked at the financials with a focused eye and nothing was askew. those people put their names on legal papers stating they knew their companies were solvent so the stock holders and investors didnt lose their shirts again.
it would seem in the wake of Global Crossing and Enron and the other companies that had ripped people off in such staggering ways, that most companies would take stock and make sure everything was on the up and up.
Especially banks!