I wrote about Stockman and my old unpublished letter to the editor of the WSJ because of my earlier post about GM and GE. The Detroit automakers and their suppliers are all tangled up in each others’ problems and the practices that potentially led some to become self-serving and greedy were unfortunately endemic and taken for granted including, it seems, by the auditors.
Feds may charge David Stockman for Collins & Aikman accounting ills
Federal prosecutors are preparing criminal charges against former Collins & Aikman Corp. chairman David Stockman, according to a report today in the Washington Post.
Stockman, who led the Office of Management and Budget under President Ronald Reagan, was chairman and later chief executive of the bankrupt Troy-based auto parts supplier from 2002 to May 2005.
Sources say a grand jury indictment could be unveiled as early as Monday, charging Stockman with incomplete disclosure and improper accounting practices he allegedly endorsed while running Collins & Aikman.