Criminal Capitalism Business As Usual

Yesterday the Chairman of RIM, makers of the Blackberry stepped down as the company was caught up in the scandal of back dating shares. This was prior to any actions taken by the SEC, against RIM, which is looking into the back dating scandal.

No indication was given if they gave shares to deceased members of the board however.

Once again this in not a quirk of the boom times or an oversight, it is another company caught playing fast and loose with accounting loopholes in order to avoid taxes. Business as usual.

Research in Motion Ltd. (RIM) will search for a new chairman of its board after CEO Jim Balsillie stepped down from the job Monday, taking blame for his role in a stock-option scam that will cost the company US$250 million in restated earnings.

RIM, which makes the BlackBerry smartphone, will restate its annual earnings statements for fiscal years 2004, 2005 and 2006, and its statement for the first quarter of 2007. The changes could also affect its second and third quarter statements for 2007, which are not yet filed, since RIM's internal audit is not complete.

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