November 29, 2005 - As many as 150,000 employees and retirees of the former Kmart Corp. would share $11.75 million in a proposed settlement of a lawsuit against ex-company officials over the investment of pension funds in Kmart’s now worthless stock. In August, the U.S. Securities and Exchange Commission filed civil charges of securities fraud and aiding and abetting securities fraud against Conaway and former Kmart Chief Financial Officer John T. McDonald.
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Commonly accepted principles of corporate governance include disclosure and transparency–whereby organizations clarify management’s roles and responsibilities to provide shareholders with a level of accountability, and the rights of, and equitable treatment of, the shareholders in question.
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Is this a forged dual-application from Best Buy? A lack of communication within the family? It is, however, a good example of their MarterCard application which claims “$0 to $99 fee” which is usually $99 no matter what. For new merchants, this poses a problem. Will Liz Claiborn and Saks customers appreciate it when money disappears from their bank accounts? Watch for more fraud and more credit scams from HSBC this holiday season.
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Watch for the possibility that more of HSBC’s merchants in the apparel industry may report more in a continuing string of losses. Higher fuel prices and less discretionary income, combined with credit cards from a predatory lender, may mean more dismal quarterly reports.
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Following a similar move by HSBC merchant Saks, General Motors said yesterday it will restate its financial statements for 2001 because they were overstated by about US$300 million ($444 million) to $US400 million.
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