Financial Cowardice at Sitel (NYSE:SWW)

Sitel Corp (NYSE:SWW) cannot file its 10-k within the 90-day requirement due to accounting irregularities at an overseas subsidiary. This means technical defaults across the board. How can a large company let it go so long and only let us know in the last minute that there is a major problem and the auditors cannot or will not sign off. Previous reports indicated that restatements would most likely be required so management could see problems. When it’s bad it’s very bad. Governance and control issues seem non-existent.