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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

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Jan 5 4:00 PM EST

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To: dybdahl who wrote (43973)	12/16/2008 5:40:41 PM
From: Snowshoe	Read Replies (2) of 219019

>>the Danish Stein Bagger case<< That one's new to me... Fugitive Danish IT Chief Surrenders to LA Police pcworld.com It's the latest twist in a drama that has made national headlines in Denmark over the past week. IT Factory was an IBM business partner that provided hosted software services built on IBM's Lotus platform. The company reported soaring revenue and profit for the past few years and Bagger was recently named Danish Entrepreneur of the Year by Ernst & Young. But last early last week, following investigative reports about the company by Computerworld Denmark, IT Factory filed for bankruptcy. Chairman Asger Jensby estimated that 90 percent of the company's turnover had been fictitious. IT Factory allegedly created contracts for nonexistent products with companies that did not exist, and sold the contracts to banks and other investors. Denmark's largest bank, Danske Bank, said on Tuesday that IT Factory has debts with it of 350 million Danish krone (US$60 million). Bagger apparently went to some lengths to cover up the unfolding scandal. When questions were asked about the authenticity of a PhD he claimed to have received from a "San Francisco Technical University," Bagger allegedly hired an American actress to pose as a university employee and verify his qualifications for reporters.

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