Sunday, March 25, 2007

I'd Like Former Reagan Administration Officials Under Indictment For $200, Alex

And the answer is:

NEW YORK - David Stockman, the former budget director in the Reagan Administration, is expected to turn himself in on accounting fraud charges in connection with a now-bankrupt auto parts company he helped run, sources familiar with the case said. Stockman is set to be arraigned in federal court in Manhattan Monday in connection with his actions as head of auto parts supplier Collins & Aikman from 2002 through 2005. Stockman is expected to be charged with failing to properly report his company's worsening financial problems to the company board, among other criminal counts. U.S. attorney Michael Garcia is expected to announce the criminal charges at a Monday news conference. Officials with the Securities and Exchange Commission and the U.S. Postal Inspectors will also be present. Spokesmen for these agencies declined comment and Stockman's attorney Elkan Abramowitz did not return calls.

I don't know why Stockman's in trouble. He simply took supply-side economics principles and brought them to the company he helped run.

Comments: Post a Comment

<< Home

This page is powered by Blogger. Isn't yours?