Time Warner to Pay $300M to Settle Charges

Career Prole

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Mon Mar-21-05 11:43 AM
Original message

Time Warner to Pay $300M to Settle Charges

NEW YORK - Time Warner Inc., the world's largest media company, is paying $300 million to settle federal fraud charges for overstating online advertising revenues and the number of its Internet subscribers, the Securities and Exchange Commission announced Monday.

As part of the agreement, Time Warner will neither admit nor deny the SEC's allegations...

http://story.news.yahoo.com/news?tmpl=story&u=/ap/20050321/ap_on_bi_ge/sec_time_warner

Neither admitting nor denying, yet ponying up 300 million? :wow:

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intheflow

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Mon Mar-21-05 06:18 PM
Response to Original message

1. $300M is pocket change for these people.

Why admit or deny anything if a relatively insubstantial bit of pay out will make the probem go away?

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GHOSTDANCER

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Mon Mar-21-05 06:32 PM
Response to Reply #1

4. Actually the total is 510 million which is quite a big chunk of change

Edited on Mon Mar-21-05 06:33 PM by GHOSTDANCER

They also settled $210 million to resolve charges of criminal securities fraud in a separate investigation by the Department of Justice.

But who did these lies about profit/income really hurt? Tax payers? Share holders?
Who will get a large portion of that 510 million? Lawyers? Department of Justice? The SEC?

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indepat

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Mon Mar-21-05 08:17 PM
Response to Reply #1

8. How many billions did the investing public lose buying their stock on bad/

ficticious/fallacious numbers?

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Deja Q

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Mon Mar-21-05 06:19 PM
Response to Original message

2. Okay. So when your middle class worker gets arrested for downloading mp3

music, he should have to be fined half a penny per song.

What's good for the goose.

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SOS

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Mon Mar-21-05 06:28 PM
Response to Original message

3. The laws are very different for large Republican corporations

Imagine a peaceful potsmoker caught with a couple of ounces.
Why can't he "neither admit or deny" that he violated the law and pay a fine?

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Robbien

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Mon Mar-21-05 06:40 PM
Response to Original message

5. Time also paid about $200 million for AOL pulling this exact same stunt

last December. Paid for AOL's fraud, paid for Time/Warner's fraud, but still not admitting anything they did was wrong. Typical.

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gratuitous

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Mon Mar-21-05 06:54 PM
Response to Original message

6. And what if your social security account had some TW stock?

Just spitballing here, but what if your privat--I mean personal social security account had some Time Warner stock in it, and this little bit of corporate malfeasance chopped ten bucks a month off your retirement benefits? Or would corporations be immune from civil fines because of the possibility of harming pensioners?

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Career Prole

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Mon Mar-21-05 07:13 PM
Response to Reply #6

7. I can see it now..."For the future well-being of Mr. and Mrs. Retiree

there will be no more corporate fines assessed. Anyone who opposes this legislation wants Grandma and Grandpa to starve."

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