Accentuating the caveat emptor perspective with critical commentary on financial disclosure. I adopt a skeptical persona and look for chinks in the teflon coating of financial disclosure. My job is to identify financial warts. Perhaps a Black Swan. Disclosure: I do not hold positions in stocks mentioned for three trading days before or after blog post.
Tuesday, August 08, 2006
McAfee's Strategic Rot
McAfee Inc (NYSE:MFE) fires its own General Counsel Kent Hart Roberts as a result of options backdating. The Recorder is reporting that on May 30 the board terminated its own General Counsel. Roberts had missed many other accusations until the greed issue caught him. What is significant is that Roberts is the first McAfee executive to be fired for stock option problems. The board has quite a dilemna. Every issue that they have approved or declined would have been influenced by the General Counsel’s hand. Imagine a key general suddenly becoming and adversary. How deep is the rot.