MARY, THE BAZAAR. WESTAGAARD AS WELL AS SEC PITTS APPONTMENT TO HEAD ACCOUNT BOARD WILLIAM WEBSTER ALSO HIGH ON U. S. TECHNOLOGIES...(OTC BB: USXX LAST TRADE .01) WONDER HOW THE PRESS MISSED THIS ONE? usxx.com Wouldn't it be terrific PR for an American multinational to repatriate jobs from foreign sweat shops to American prisons under the U.S. Government's PIE Program - a program that saves taxpayers' money, helps victims get financial restitution, helps freed inmates find jobs, doesn't take jobs away from working Americans, and reduces recidivism?, asks Mark Hayes, Senior Analyst, Westergaard Online
By: dhrosier
07 Aug 1998, 03:16 PM EDT Msg. 2 of 1800
(This msg. is a reply to by None.)
Westergaard Broadcasting Network activates coverage of US Technologies. The following is an excerpt from an e-mail I received today:
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Westergaard Broadcasting Network wbn.com
The New DNA of Investment Research
*Analysis *Inference *Implication Deduction
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Friday August 7th
Today on the WBN Daily:
** U.S. Technologies and Guardian International Activated on WBN
Silver Edition
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Westergaard appears to be followed by a large number of investors interested in the excitement and action of micro cap stocks. This will likely raise the visibility of USXX somewhat.
I do not know if yesterday's price jump was due to a leak of this announcement or the news release about management stock repurchase.
(Voluntary Disclosure: Position- long; ST Rating- strong buy; LT Rating- strong buy)
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U.S. Technologies Says Webster Comments `Misleading' (Update1)
By Jack Duffy
Washington, Nov. 4 (Bloomberg) -- William Webster knew U.S. Technologies Inc.'s auditor had warned that the company's internal accounting controls were deficient when the firm was fired, the former auditor said in a court filing.
BDO Seidman LLP, the sixth-largest accounting firm, asked the U.S. district court in Washington to allow it to disclose confidential documents proving it warned the Washington-based company that it faced ``a material weakness in internal control'' while Webster was chairman of the company's audit committee.
Webster's role at U.S. Technologies casts doubt on his ability to supervise the accounting profession as chairman of the Public Company Accounting Oversight Board, some investors say. Webster said he doesn't remember BDO saying that U.S. Technologies had internal control problems, the Washington Post reported. A fellow audit committee member said the auditor was fired because it was too expensive.
``The statements made by and/or attributed to William Webster are false and misleading and create the false impression that BDO did not timely notify UST of its financial and accounting weaknesses,'' the Chicago-based firm said in its court filing, which cites comments attributed to Webster in an article published Nov. 1. The filing was made Friday just before midnight.
Client Confidentiality
U.S. accounting firms are bound by client confidentiality agreements that prevent them from disclosing information obtained while providing professional services.
BDO said it held a conference call on July 13, 2001 with U.S. Technologies' audit committee and management to warn the company about its lack of an experienced chief financial officer, failure to record transactions on a timely basis and disorganized accounting records.
Webster, 78, said he participated in the July 13 conference call but does not recall a discussion of internal controls, the Washington Post reported Nov. 1. He said he was ``reasonably confident'' that a letter sent by BDO on Aug. 31, 2001 warning of a lack of internal controls was the first he heard of the problems. U.S. Technologies fired BDO on Aug. 16, 2001 because the accounting firm was too expensive, Webster said.
Arthur Maxwell, who served on the audit committee with Webster, said in an interview with Bloomberg that BDO's $800,000 bill was considered too expensive.
Controversy
Webster said today his future on the accounting board depends on whether the controversy hurts his effectiveness. ``I always said I would step down if I felt (my presence) would impair the work of the board in getting it going,'' he said.
Calls to Webster's office for further comment were not returned. A spokesman for BDO Seidman, Jerry Walsh, said the firm could not comment further until the court makes its ruling.
In its filing, BDO said that by not correcting false statements attributed to Webster, ``UST has waived protection against disclosure of confidential information.''
The former director of the Federal Bureau of Investigation and the Central Intelligence Agency disclosed his ties to U.S. Technologies to Securities and Exchange Commission Chairman Harvey Pitt prior to his election. Pitt didn't pass the information on to his fellow SEC commissioners. Webster was elected to head the accounting board on Oct. 25 by a 3-2 vote.
President George W. Bush will demand Pitt's resignation if an inquiry by the SEC inspector general concludes that Pitt misled his fellow commissioners, a senior administration official said on Sunday. |
