First Brands CEO Resigns
- Thread starter AJB0009
- Start date
Not very bright. He should have fled to Lebanon with Carlos Ghosn a week ago
Aren't there laws against those kinds of shenanigans? Depends on who you are I guess.
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What irritates me is you had shills here pushing the TG oil filters
4wd
$50 site donor 2026
Ah, the memories LoL 
Impressive!
I will give Fram props for evolving their Ultra filter lines throughout the years which earned their reputation away from what it used to be until the sale. I think the last company saw a sinking ship & sold it. Then you add in a new company purchase that wants to reduce the quality at the start. Not great, not great at all. We see this disaster in their quality & products unfortunately. We'll see what happens in the future & if anyone will take over that massive debt. Sounds like they borrowed billions of dollars & didn't disclose it properly w/investors...Don't bite the hand that feeds you?
I'm sure he got his golden parachute and booked it somewhere else...
Emperor Nero would be proud!
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Why do companies even bother releasing this kind of damage control PR? Anyone with a brain who could read knows the guy had no ability or intention of making this company financially successful.
Interesting that First Brands did not hire a Big Four accounting firm for their audits. BDO USA is a very large firm of certified public accountants but seems to have earned a reputation that will rival that of Enron auditors Arthur Anderson. If I were a partner in BDO USA I do not think I would be able to sleep at night.
The reason for audits (under Generally Accepted Auditing Standards) of financial statements is to assure users of the financial statements that they present fairly the assets, liabilities and results of operations (and other information) in conformity with Generally Accepted Accounting Principles. BDO clearly failed in this. This kind of misfeasance and malfeasance only does harm to my chosen profession.
You know his resignation package will be 10 times more than most people will ever make. The greed is good model proven right until it's not.
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You're just green with envy TG boyAI generated fake news!
Yes. The CEO and CFO liberty can be at stake. I was responsible for generating Revenue Recognition numbers (SAB 101 and 104) that were presented to the SEC.
I am not as familiar with debt disclosure, but there are definitely forms that must be completed.
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Yes, specific clear laws explaining what you legally can and can't do, and the repercussions if you break them.
Wink, nudge, secret handshake, belly laugh...
People need to go to jail for this kind of stuff.
I mean we have guard rails on capitalism for a reason, when things like this happen, it shakes confidence in the system.
This guy will probably get a slap on the wrist though, because our legal system has devolved to the point of, rich people can basically game the system indefinitely.
I mean we have guard rails on capitalism for a reason, when things like this happen, it shakes confidence in the system.
This guy will probably get a slap on the wrist though, because our legal system has devolved to the point of, rich people can basically game the system indefinitely.
