Gelf Magazine - Looking over the overlooked

« Chavs of the Times

The Gelflog

The 'Culture of Life' at the BBC »

Media

October 2, 2005

Sleepless Nights

"Managers of the Interpublic Group of Companies announced a restatement of more than $500 million yesterday, saying they are finally finished with their internal investigation of accounting problems and are working on a revival plan," the New York Times reported Saturday. The misstated financial figures misled investors and may have distracted the company from its clients. But those effects pale before the human toll: Some Interpublic execs missed out on sleep while preparing the restatement.

"Had Interpublic failed to file the sheaves of documents, the outcome could have included a default on its debt and a delisting from the New York Stock Exchange. To meet the deadlines, many Interpublic executives stayed up late Thursday night into yesterday morning; some said they did not sleep at all."

Many of these execs arrived at the company after the financial shenanigans were committed, so they can't all be blamed for the problems they were cleaning up. But they did sign on for the job, and sometimes being an exeuctive involves more than private jet rides for golf games and other accoutrements of the Master of the Universe lifestyle. Sometimes, executives have to do a little work. But don't lose any sleep about it.







Post a comment

Comment Rules

The following HTML is allowed in comments:
Bold: <b>Text</b>
Italic: <i>Text</i>
Link:
<a href="URL">Text</a>

Comments


About Gelflog

The Gelflog brings you all the same sports, media & world coverage you’ve come to love from Gelf Magazine, but shorter and faster. If you’d like, subscribe to the Gelflog feed.

Recently Posted

RSSSubscribe to the Gelflog RSS

Newsletter

Hate to miss out? Enter your email for occasional Gelf news flashes.

Merch

Gelf t-shirt

The picture is on the front of the shirt, the words are on the back. You can be in between.