A massive resume timebomb exploded earlier today, when Kenneth Lonchar, the CFO of Veritas Software was forced to resign. Lonchar claimed both a bachelors degree from Arizona State and an MBA from Stanford. CNBC reported this morning that Stanford had no record of Lonchar ever earning an MBA from them and that Arizona State has no record of Lonchar ever attending that university either. Veritas stock (Nasdaq VRTS) is getting hammered. Comments are that if you can't trust the CFO on something like this, how in the world can you trust the company's financials? The ironic part is that the word 'veritas' is Latin for 'truth'. http://biz.yahoo.com/rf/021003/tech_veritas_3.html
I really wish they would put him in jail for 6 months (as with John Davy in New Zealand). But it won't happen because in U.S. we are much too respectful of white-collar frauds.
Steal a loaf of bread to feed your family and it's a serious crime. Steal the life savings from 100,000 elderly people and it's business.
...and it's business. Of course, a similiar contradiction exists in the business environment. Help yourself to $10,000 (or $10) and you are an embezzler or a thief, help yourself to a loan of $10 million from the company, talk the stuffed suits on the board into forgiving the loan, and it is compensation (as long as you inform your soon to be angry stockholders). You have got to love situational ethics. Tony
...or, as I put it in my speech to DETC a couple of years ago, "Steal $50 from the 7-Eleven, and you'll be in jail before your Slurpee melts. Steal $50 million by selling fake degrees, and no one cares."
The Murky News hadn't arrived by the time I left this morning. I went through after dinner and saw the story. I rushed up here to see if anyone had noticed. Fie on the delivery person! John Madden says that "success is a great deodorant." I wonder if anyone would have dug for this information- or if anyone would have cared if the tech sector was still flying high. I doubt it would have cost him his job- unless he was one of the front line accountants or a low level manager.
http://news.yahoo.com/news?tmpl=story2&cid=569&ncid=738&e=8&u=/nm/20021004/tc_nm/tech_veritas_dc Apparently Lonchar lied about his degree in a previous position. He stated he had a MBA and a BBA degree from Idaho State U. The BBA has been confirmed.
Re: Re: Veritas means Truth Ah, but they do flog a great logical volume manager. Odd that I'm going to Veritas training in a couple of weeks. Of course, I shall add theses learnings to my PLAR portfolio, something Mr. Lonchar might have considered! Cheers...Randy
I have to sort of wonder how the author decided that Boston College is "blue-collar". Not many blue-collar workers in Boston can afford BC's tuition. Bruce
They have it wrong. Grubman attended Boston University. See http://www.forbes.com/technology/newswire/2002/10/04/rtr741761.html
That makes a little more sense. BU isn't quite on the same level as BC, but I wouldn't refer to either as a blue-collar school. Bruce
