Raygun's budget director expected to be indicted on accounting fraud

[babylonsister]

http://www.nytimes.com/2007/03/22/business/22auto.html?ex=1332216000&en=d03afb1adcc33b1f&ei=5090&partner=rssuserland&emc=rss

Ex-Chief of Collins & Aikman Is Said to Be Facing Indictment


By NICK BUNKLEY
Published: March 22, 2007

DETROIT, March 21 — David A. Stockman, a former congressman who served as President Ronald Reagan’s first budget director, is expected to be indicted on charges of accounting fraud related to his role as chairman of an auto parts supplier, people with knowledge of the matter said Wednesday.

David Stockman, a Reagan budget director, is under a cloud.

An indictment against Mr. Stockman, who left the company, Collins & Aikman, five days before it filed for bankruptcy protection in 2005, could be announced as soon as next week, people with knowledge of the matter said. They spoke on condition of anonymity because the investigation, by the office of United States Attorney Michael J. Garcia in Manhattan and United States postal inspectors, was continuing.

The Securities and Exchange Commission also has been investigating Collins & Aikman and is expected to file a civil complaint against Mr. Stockman regarding the same accounting issue, one of these people, a law enforcement official, said.

The other individual, someone with knowledge of Mr. Stockman’s defense strategy, said Mr. Stockman believed that an indictment would be an “overcriminalization of accounting judgments.”

The government’s investigation into Collins & Aikman and Mr. Stockman centers on how revenue was reported in the financial statements from rebate programs with suppliers and whether shareholders were properly apprised of real estate transactions made by Mr. Stockman during acquisitions of other parts suppliers.

more...

[satya]

1. His defense strategy: an indictment would be an "overcriminalization of accounting judgments"?

:wtf:

Sounds like Gonzales' strategery:

"Sorry, your honor, but indicting me for firing 8 US attorneys would be an overcriminalization of my personnel judgments".

Abu Ghraib? just an overcriminalization of interrogation judgments
Illegal, immoral occupation of a sovereign nation -- an overcriminalization of military judgments

I guess IOKIYAR.

[texpatriot2004]

2. No surprise there...criminals the lot of them. nm

[ncteechur]

3. Can the democratic House enter an appropriations bill to

provide funding to build a federal prison to house all the republican crooks and liars we have experienced lately. It would be a nice gesture to show that us democrats are tough on crime. It can be named for Bernie Kerik since they removed his name from the jail in NY.