First, a company expected to make about $ 1 billion dollars this year is not likely to go bankrupt. In fact, if CD were making zero dollars in 1998, it would be years before bankruptcy became a factor as units could be sold, etc.
Regarding the Silverman conspiracy theory, that is like believing it is Clinton's spin on his alleged lying, etc.
NO ONE WANTS TO LOSE ALMOST A BILLION DOLLARS and lose seriously mar his reputation. Silverman did not carefully orchestrate anything, IMO.
IF the audit shows fraud, especially in light of 4 Forbes men being on the audit committee, what does that tell you?
Forbes, was the CEO of one of America's great company fraud's (CUC). Silverman, too, is tarnished for associating with such a man, but since his HFS unit apparently is very clean, I'll stick with Silverman and put him on probation, so to speak, for a year or so.
Forbes, however, has absolutely got to go. HIS company fudged $300,000,000 in revenues. These are not funds that were aggressively accounted for. These were revenues that didn't exist !
This fraud made CD pay more for CUC than they probably, otherwise, should have paid. This made Forbes many more tens of millions than he should have ever gotten as his company did not nearly produce what was believed.
The bargain made with Mr. Forbes when the employment contract was made, IMO, is not valid as Mr. Forbes achievements were not real. He was not the qualified person the company believed. In fact, his tenure as CEO of CUC could be called an utter failure since so many of the managers under him were alledged to have falsified the financial papers.
Mr. Forbes should be immediately dismissed, pending the outcome of the audit. A criminal investigation should be made, and Mr. Forbes should be made to give up and benefits he obtained because of the corruption at CUC which made his company sell for more than it should have, etc. This is the same thing that happens when you are involved with drug sales. They take anything that you got because of selling those drugs.
Of course, this won't happen, and maybe my post would make Forbes laugh. He'll get to keep what he got- even if by the fraud of those he managed !
CD: ~ $ 15.00a
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