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September 28, 2007
NY Times to Be Hoisted on Sarbox Petard?
Posted by Dave Blount at September 28, 2007 7:37 AM
The Enron and WorldCom scandals provided moonbats with an opportunity to stick it to the capitalist system that makes our standard of living possible and that they so detest. They imposed the draconian Sarbanes-Oxley Act, which costs the business world $billions upon $billions per year to comply with absurdly extraneous punitive regulations. Even leftists like Nancy Pelousy and Schmuck Schumer admit that Sarbox burdens are excessive. But the quasi-Marxist New York Times loves it.
As American Thinker observes, the Gray Lady may get a taste of her own medicine. The recent debacle in which the Times granted a $77,508 discount to fellow moonbats at MoveOn.org on a disgraceful full-page ad sliming General Petraeus, admittedly in violation of its own policy, was an example of a "material weakness" in its internal controls. Sarbox-decreed punishments for not discovering such weaknesses and documenting them for the appropriate bureauweenies range up to 20 years in prison.
Jail punk would make a fitting second career for Times Publisher Pinch Sulzberger, don't you think?
The Gray Lady's blues don't end there. American Thinker also notes that Rupert Murdoch, who just acquired the Wall Street Journal, is already positioning himself to steal the Times' advertisers. Bankruptcy specialist Edward Altman devised the Z score to measure the risk of corporate bankruptcy. The lower the score, the more trouble a company is in. A score of 1.8 is "considered the upper bound of distress." WaPo's score is 4.118. The Times' score: 1.835. Time to start looking for a life raft.
Although Pinch is unfortunately unlikely to wind up in jail, he's unlikely to be running the Times for long either. Any White Knight stepping in to save the sinking paper would need a whole lot of money and politics acceptable to the Sulzberger/Ochs family. Candidates include Michael Bloomberg, George Soros, and any number of people from Dubai.
On tips from Byron.
