Predicted in 2012. Pfizer needs AZ before Enron accounting-like scandal breaks? http://www.businessinsider.com/companies-at-risk-of-accounting-scandals-2012-7?op=1
No wonder why it was reported that Ian's hands were visibly shaking at the MMY inquest. He has a LOT to lose if this deal fails. Holy cow!!
If we were picked "most likely for accounting scandal" who ever did the picking must have never heard of GSK!
GMI Ratings, an independent investment research firm rated our company D for its executive pay – $25 million for Ian Read plus excess perks and excess pension. Pfizer can give long-term incentive pay to Mr. Read for below- median performance. Our company did not link environmental or social performance to its incentive pay policies. GMI rated Pfizer D for its accounting. GMI said there were forensic accounting ratios related to revenue recognition that had extreme values either relative to industry peers or to our company’s own history. Pfizer was rated as having Very Aggressive Accounting & Governance Risk indicating higher accounting and governance risk than 99% of companies Page 5, http://www.sec.gov/divisions/corpfin/cf-noaction/14a-8/2013/kennethsteinerchevedden121613-14a8.pdf
Notably, Pfizer tried to hide this proxy from shareholders and sought SEC support, but was denied by SEC counsel. See cover page.
