AND THE BEAT GOES ON ...

Yesterday's post spoke of my employment situation and status. My company happens to be in dire straights, heading off to potential bankruptcy. Poor business decisions and bad management from top levels as well as over-the-top perks for the privileged, brought a mighty company to it's knees.

Former executives deserted the sinking ship, with generous contract buyouts and their Mercedes as a parting gift, while the rest of the workforce was downsized dramatically. Benefits were cut, accumulated sick days lost, wages frozen. The only thing increased was the workload for those remaining.

Out of the murk and mire arose the new ruling class. Mercedes, Lexus, BMWs still grace the executive lot. The arrogance and rudeness of those now in power almost exceeds that of their predecessors. However, one redeeming factor has been added to the mix that makes it all worthwhile. That is ... The Sarbanes-Oxley Act. Under the law, those signing and attesting to financial information for the company are now held personally liable for the validity of their reports. Also, under the Sarbanes-Oxley Act, any person who "interferes with" the employment or livelihood of an employee for providing any truthful information can be sued or imprisoned.

So although the money still stuffs the pockets of the designer suits of the mighty few, underneath that cool exterior form beads of sweat when financials are issued and SEC filings are made.


- posted by rosemary @ 3:45 AM