My cast of characters is limited to the following. Perhaps you can add and comment?
Steven D. Smith
Joseph A. McAleer
John N. McAleer
James A. Morgan
Mary Davis Holt
Togo D. West, Jr.
Robert L. Strickland
William T. Lynch
Su Hua Newton
Robert S. McCoy, Jr.
Robert L. McCoy
G. Kennedy Thompson
Gregory J. Purcell
Joseph P. Campolo
Michael P. Polsky
PriceWaterhouseCoopers Audit Personnel
Yes, the same Robert S. McCoy who was a prime target in the SEC market-rigging investigation which Wachovia settled for something over $30 million. As Chairman of Krispy's Audit Committee, his views on corporate malfeasance are a caution to us all.
Bob McCoy, CFO Wachovia. November 11, 2003
� Presbyterian Colleges inaugural speaker in the Robert M. Vance Lecture Series in Business Ethics, Robert S. McCoy, served as Chief Financial Officer of Wachovia and led the remarkably seamless merger between Wachovia and First Union. He explored the environment in which corporate scandal can emerge, as well as the steps that must be taken to ensure that they do not make ruin of the entire economic landscape as some might believe. Some excerpts:
"Companies which have gone through major ethical lapses in recent years share several common threads. Each of the most scandalous corporations featured highly-paid management teams, companies that grew quickly through acquisitions, well-known board members, massive misstatements of assets and debt, and stocks that performed extremely well during the 1990s.
"Once the truth was discovered, though, they also had one more thing in common, thousands of jobless employees and millions in lost investments and pensions. How it all was allowed to happen began with a severe lack of oversight. Boards of directors, who have a fiduciary responsibility to protect the interest of company shareholders, fell down on their jobs. Auditors took their eye off the ball and stopped asking appropriate questions. And the federal Security and Exchange Commission, even with the complete power to regulate corporations and accounting firms, relinquished their authority to keep companies honest.
"When they gave back the right for the accounting world to regulate itself,that was a problem waiting to happen. Bad judgment by accountants led to the downfall of one of the Americas accounting giants Arthur Andersen and put 80,000 people out of work. But management has to assume the most responsibility. Board members and CEOs have to create a leadership structure that makes ethical decisions not just stock performance a priority. Second-tier managers have to ask tough questions and demand accountability.
"People get caught up in the stock market and lose sight of ethics. They have to step back and ask if what they're doing is right and wrong. They have to reflect our culture. Stealing, lying, and cheating weve decided that its just not right. or those who choose otherwise, they must pay a severe price. Instead of going after companies and making them pay fines which only hurts employees officials must go after the executives who break the law.
"It is important that officials find and convict those responsible. And government must resist reacting to scandal by passing new legislation. There are laws on the books that prohibited what happened at those companies I've named. Now, we have to enforce them. Auditors and regulators also must do a better job of watching over corporate America. They must remove themselves from being too closely tied to corporate figures and must be required to keep a disinterested view. Despite the headlines and the scandal, though ... most companies operate ethically and above board. Still, everyone from the individual who holds a few stocks to the men and women who sit in the boardroom has a responsibility to make changes for the better. Even colleges.
"As long as I can remember, colleges have had classes in business ethics... on the other hand, some of the countrys most unethical businessmen have come from some of the best higher education institutions.
"Somehow we need to remind people that there is a right and wrong. We must produce people who truly understand the difference."
On November 21, 2003, appointment of Robert S. McCoy Jr., retired Chief Financial Officer of Wachovia Bank, to Kirspy Kreme�s Board of Directors and as Chairman of Krispy�s Audit Committee was announced..
Mr McCoy had just finished honing his "skills" by helping Mr. Baker turn Wachovia into First Union by ratting out the Wachovia stockholders and Winston-Salem. I guess he was impressed by First Union's acquisition deals like "The Money Store" where they closed it within a year and had to take a $2.6 BILLION loss. Impressive.
I asume that the names you have listed are those specifically related to the Texas deal only as many individuals are conspicously not on your "cast of characters".
I agree with what you said about "In the last year longs have been burned over and over again. Be careful". It's a well-known fact.
I was just wondering who would place a buy order of 150,000 shares at $8.76/share right at the close of the market. With the well-know fact that "In the last year longs have been burned over and over again", what was he or she thinking? After all, $1.3 million is a lot of money to spend in less than one minute.