Anonymous Tip Leads to Kmart Accounting Probe
With the Enron implosion still very fresh in the minds of American business, Kmart, which filed for bankruptcy last week, announced that it was beginning an investigation of its internal accounting practices. The investigation was triggered by an "anonymous letter," reportedly by company employees, expressing concern regarding unspecified accounting matters. The letter was sent to Kmart directors, auditors and government regulators, according to a Kmart press release.
The contents of the letter, a copy of which was sent to the SEC by the anonymous party, have not been disclosed. Kmart indicates that it will cooperate fully with an investigation.
"The responsible action by any company is to conduct an investigation and let people know that we're cooperating fully with the SEC investigation," said Jack Ferry, a Kmart spokesman.
PricewaterhouseCoopers had been the auditors for Kmart, a $37 billion retailer. The Board of Kmart has retained Deloitte & Touche to carry out an independent investigation.
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"We Can't Handle The Truth"
Accouding to Jack Nichols (in a "Few Good Men") we can't handle the truth and so our leaders and "their auditors" have adapted and learned to distil the truth so as to pass the "acceptable" truth test.
As I was proud to be an American when I learned of those that aborted the last terrorists plans to deploy an American aircraft as a bomb, I likewise was proud to hear that "some" employees at K Mart are not "passively" sitting arround being "Politically Correct". Thank you for restoring my faith in some ... of the human race.
Hundereds of people at Enron and Andersen knew about the "systems little secrets" and yet look how long it took for someone to finally say something. And now as a result of lying with the tongue of silence ... our very capital markets - the most important infrastructure of a free people - are comming under siege. Secrets left hidden create monsters ... ones that hijack planes ... or ones that hijack a company's very life.
When we as a nation absolutely demand truth, honesty, and integrity from our corporate and political leaders ... then and only then will we be worthy to recieve our due reward.
Should anyone wish to discuss the remedial and generative prescription now needed to resolve these global issues ... feel free to contact me.
LJohnCarson@MSN.CoM