Tuesday, January 11, 2005
Where Bush Wants Your Retirement Funds
Do you really want your retirement funds invested in "safe" investments with guys like these?
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Painting a picture of a desperate conspiracy to prop up a failing Internet company, a federal grand jury yesterday indicted four former top executives of PurchasePro.com, a defunct dot-com, and two former midlevel executives of America Online.
The indictment states that AOL and PurchasePro worked out a complex deal that was meant to inflate the revenues of both companies before PurchasePro began to collapse in 2001 amid recriminations.
Paul J. McNulty, the United States attorney for the Eastern District of Virginia, brought charges of conspiracy, securities fraud, wire fraud and obstruction of justice against Charles Johnson, the former chief executive of PurchasePro, a business software company that was based in Las Vegas. If found guilty, Mr. Johnson faces jail time and a potential fine of $2.25 million.
Source: New York Times.
