NEM & AU got cheap this morn, working on
>2.50 ea....
I think former ceo's, like the Adelphia people coming out in cuffs this morn is more important than sign-offs at this point...
Closed out all my long index trades, and the GAB....I am happy with the $ results..
Maybe I will play some more after lunch, maybe I will go sailing...
____________________________
NEW YORK (Reuters) - Three members of the founding family of troubled cable operator Adelphia Communications Corp. were arrested on Wednesday as government officials claimed they "looted" the company they created over 50 years ago.
(sounds like SOP/SNAFU for corporate America) (looted)
Two other former executives also were arrested on Wednesday on federal securities and bank fraud charges.
The complaint, unsealed in Manhattan federal court, accuses former Chief Executive John Rigas and his family of "using the company as the Rigas family's personal piggy bank at the expense of public investors and creditors."
John Rigas and his sons -- former Chief Financial Officer Timothy and former executive vice president of operations Michael -- were arrested early Wednesday morning and are expected to be presented in Manhattan federal court later today.
Two other former executives -- former vice president of finance, James Brown, and Michael Mulcahey, former director of internal reporting of treasury functions -- were arrested in Pennsylvania and are expected to be presented in court in Williamsport, Pa.
The lengthy complaint alleges the defendants conspired to commit securities, wire, and bank fraud.
The Justice Department said on Wednesday that Deputy Attorney General Larry Thompson would hold a press conference at 11:00 a.m. EDT in Washington, D.C. on the arrests.
The executives resigned from Adelphia, which filed for Chapter 11 bankruptcy protection last month, following the disclosure of billions of dollars of off-balance-sheet loans guaranteed by the company to the Rigas family, allegations of overstated earnings, and questions about the company's accounting methods.
Adelphia has been the target of investigations by federal grand juries in Pennsylvania and New York and a probe by the U.S. Securities And Exchange Commission. H |
