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Article: Too creative by 50%? Chief financial officers.(The changing chief financial officer)(Brief Article)
- Article from:
- The Economist (US)
- Article date:
- July 6, 2002
CopyrightCOPYRIGHT 2002 Economist Newspaper Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Chief financial officers need to get back to counting beans
IN EACH recent corporate scandal, a chief financial officer (CFO) has turned up in the hot seat. Scott Sullivan (above, on the right) is under investigation by the Securities and Exchange Commission (SEC). His chummy relationship with Bernie Ebbers, his boss at WorldCom, was dubbed "the Scott 'n' Bernie show" by Wall Street. Andrew Fastow (left), the genius at devising special-purpose entities for Enron, is also under investigation. In better days, CFO magazine, a sister publication of The Economist, awarded each of them a CFO "excellence award". At Xerox, which overstated its profits by $1.4 billion, ...