Will this be the largest settlement NYC gov and under Mike Bloomberg a supposedly tech biz whiz unless we get ECTP prosectued?
Folks I did 4 posts tonight on SAIC and they are worth taking a look at.... plus this...Heard on the street....
Ok, if the regular guys, like us, read today's release o SAIC Q3 earnings, you get to pan through 32 mentions of the word CITYTIME, in the recent 8K,why is that? Dilibrate confusion? Short answer, and its hard to believe this is legal. SAIC finally records the first losses on CityTime on their financial condition for Q3 232 million of the 600 million they are being sued for and possibly 1.8 billion if RICO applies. .Got it? huh? Then, the 8K reported earnings continue to blabber, 32 times about accounting principals allowing them to act as if CityTime did not happen. Following? Pretty please, DON'T really count the loss from CityTime in our earnings figures and we are telling you its legal or allowed? So, we must all be ok with hiding the reality of the 32 mentions of Citytime that say it does not really count. Or for the regular guy, "well we made money this quarter if you back out this 232 million dollar problem, that should really be 600 million, that could be 1.8 billion" FYI, sad news pretty sure they get to report earnings this way. Like a teenager who forgot their homework, it should have been done and would have been great, but its not.
SAIC admits to possibly losing, not necessarily paying back 232 million dollars this quarter, on a lawsuit that could be 600 million or triple damages at 1.8 billion. So, how does one get away with that accounting. ugh, its accounting standards that allow it....rrrrrr. You know 232 million is the tip of this iceberg, another ploy to work it into the numbers over time.
Enough, give the money back, stop tying up the courts, scape goating just a few and place some real arrests on our policians. Under no circumstances to you deserve to keep a penny due to the corruption. Cheaters, no bid. Your only reward would be remaining in business, maybe Enron II.
Plus Suzannah Troy’s other posts SAIC CityTime tonight
WSJ covers-ups for SAIC and Mike Bloomberg?
SAIC CityTime does not work -- is using a pencil the new technology?
SAIC fesses up sort of...but not enough and what about this whistle blowing letter and by the way what happened to Richard Valcich http://suzannahbtroy.blogspot.com/2011/07/richard-valcich-letter-from-hero-to.html
See the actual letter above link and if you want to learn more about why we should be getting at least a billion times 3 RICO charges....
here is just a hint....
Hint -- Rudy and why did he throw out AutoTime for CityTime SAIC and look at his pals as lobbyists...hmmm a lot more to this story and even more cover-ups to protect SAIC from Enron ending and arrests SAIC and NYC gov not to mention sub-contractors.
ps Why did NYC gov agree to give SAIC a life time maintenance contract.....hardee har?
ps Why did NYC gov agree to give SAIC a life time maintenance contract.....hardee har?
