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To: Greg h2o who wrote (37520)	12/12/2001 2:41:42 PM
From: James Calladine	Read Replies (1) \| Respond to of 42804

OT--SEC AND HARVEY PITT <<<As accounting frauds go, the problems at Seaboard Corp.'s Chestnut Hill Farms division amounted to garden-variety book-cooking. Division controller Gisela de Leon- Meredith had been caught overstating deferred-farming-cost assets and understating farming expenses, inflating revenues by a total of $7 million between 1995 and the first quarter of 2000. When confronted by the internal audit staff, Meredith fessed up, and parent Seaboard, a Shawnee Mission, Kansas-based agribusiness, announced that it would restate its earnings last August. Even investors, who held Seaboard's stock price steady, were apparently nonchalant about the fraud. The case became extraordinary, however, when the Securities and Exchange Commission thrust it into the spotlight this past October--not as a warning to other companies, but as an example of good behavior on the part of Seaboard, which willingly handed over all of the evidence it had gathered from its internal investigation>>> MORE at: cfo.com\|83\|5987,00.html