This blog documents my MBA student life at Ryerson University, Canada (2010-2012). It was an attempt to demystify the MBA experience, help understand MBA topics & encourage MBA wannabes. I have a Pre-MBA blog about B-School application process (and a few other blogs) as well. I used to blog actively in the past and interact with readers regularly, but life got very busy after my MBA. Good luck. Take care. Cheers! Gerry.
Tuesday, February 7, 2012
Nortel trial hears fraud allegations. "Cookie jar Accounting & Sudoku-Accounting" criticized.
At the ongoing trial, Crown lawyers at the fraud trial of three former Nortel Networks executives say the men created a culture of dishonesty at Nortel, the fallen telecom equipment maker, encouraging staff members to cook the books to meet bonus-related targets. Under the direction of then-CEO Frank Dunn, the use of financial reserves to bulk up flagging balance sheets was widespread at Nortel.
There was a cookie-jar approach to accounting. The lawyer likened the scheme to a game of Sudoku, in which he knew what would trigger bonuses tied to a return to profitability and manipulated numbers to get there.
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