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 Post subject: Re: What's with the tech sector?
PostPosted: Mon May 15, 2017 10:58 am 
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Private Tenant

Joined: Jun 17, 2008
Posts: 34
http://www.irishtimes.com/business/fina ... -1.3082595

Quote:
Mr Kenny said JP Morgan’s impression is that some jobs can be “filled by people moving from other countries” because Ireland has a “very flexible immigration policy”.


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 Post subject: Re: What's with the tech sector?
PostPosted: Fri May 04, 2018 9:18 am 
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Too Big to Fail

Joined: Feb 21, 2008
Posts: 4436
jmc wrote:
A blast from the past..

Its our old friends at Autonomy and their multi-bllion dollar fraud...

http://www.reuters.com/article/us-autonomy-hp-crime-idUSKBN1362FK

A Federal fraud indictment..

Quote:
The former chief financial officer of British software company Autonomy has been indicted on U.S. charges of engaging in a fraudulent scheme to deceive investors and Hewlett Packard (HPE.N) about his firm's performance before its sale in 2011.

Sushovan Hussain, a UK resident who was Autonomy's CFO at the time of its $11 billion acquisition by HP, was charged in an indictment filed on Thursday in federal court in San Francisco with conspiracy and wire fraud.

The indictment alleged that beginning in October 2009, Hussain and others sought to deceive Autonomy's investors and HP about the company's performance, financial condition and prospects for growth.

The scheme had several objectives, the indictment said, including to artificially increase and maintain Autonomy's share price to make the company attractive to potential buyers like HP.



Some context...from almost exactly 5 years ago in Oct, 2011...

jmc wrote:
flash wrote:
slasher wrote:
yeah, because Ellison is a trustworthy individual with no agenda and no axe to grind with HP

:roll:


+1000

If jmc can't see what's going on here, I'm sure not going to spell it out for him.

I wonder if he'll have the grace to congratulate me when the deal goes through?


Eh... surprise, surprise..Autonomy was being shopped around hard before they found a sucker to bite. Lynch spouts off in public and Oracle slaps him down with the sales spiel from earlier in the year. So why did Lynch feel the need to say in public they were not being shopped? Deal falling apart?

Ellison is a complete bastard. But a bastard one could do business with if you have your shit together. If not, expect to be utterly destroyed with no quarter given.

I'll take a salesman killing machine over a blowhard spoofer any day. Turns out Lynch is another Kevin O'Leary after all.

Come back in 5 years time and we'll talk about who was right or wrong. That's how long it generally takes situations like this to fully play out. Lots of precedent. You'd know that if you actually knew the history of the business. But with Apotheker gone and no real support for the deal inside HP expect the lawsuits to start sooner rather than later. And they tend to run for years and years. Got to give those lawyers something to do.

If I were Lynch I'd be worried that manipulation of stock price by fraud opens him up to a RICO. It does not matter where the stock was traded if it involve US domiciled subsidiaries. It just needs one Fed DA to get interested in the subject and pretty soon Lynch may find himself behind bars. Just ask Michael Milken how those RICO lawsuits play out. Very nasty beasts.


Quote:
Autonomy ex-CFO Hussain guilty of fraud:
He cooked the books amid $11bn HP gobble
Brit exec Sushovan to cough up $8m after US jury convicts him



https://www.theregister.co.uk/2018/04/30/autonomy_cfo_sushovan_hussain_guilty/

Quote:
The former chief financial officer of British software shop Autonomy was today found guilty of fraud – after helping convince HP to splash out $11bn for the upstart back in 2011.

HP later had to write down $8.8bn when it realized what it had acquired was worth nowhere near the large pile of dosh it had stumped up.

Sushovan Hussain was Autonomy's top beancounter from 2001 to November 2011, and was a key player in the massive takeover, which boosted his personal wealth by $7.7m, according to court documents [PDF]. But when HP's investigators later went over Autonomy's books, they found the firm's value had been staggeringly inflated, forcing HP to write off billions of dollars a year after the ill-fated acquisition.


Quote:
Meanwhile, HPE is seeking damages of $5.1bn against Hussain and Autonomy cofounder and ex-CEO Mike Lynch in the High Court in London, England, alleging they engaged in fraudulent activities while executives at Autonomy. Lynch is countersuing HP, alleging the firm slandered his name, and is seeking $160m in damages. Both cases are due to appear before the High Court this year


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 Post subject: Re: What's with the tech sector?
PostPosted: Fri Nov 30, 2018 2:17 pm 
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Old Time Landlord

Joined: Jan 31, 2007
Posts: 386
Location: Middle Earth
https://www.theregister.co.uk/2018/11/3 ... ud_charge/

How long after the event?


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