https://www.wsj.com/finance/regulation/massmutual-sec-probe-63d73f31?mod=hp_lead_pos10
Regulators Are Investigating MassMutual’s Accounting Practices
SEC is focused on how the insurer accounts for income on billions of dollars of loans
16 replies (most recent on top)
@43y I believe you
Because how else would it be explained?
Someone has to be getting their pockets lined as the expense of others.
@2d4 There's a lot of shady dealings with big tech companies happening off the books to influence the $$$$$ MM spends on the contracts. These companies are buying MM staff out so they have an inside to info that benefits their contract deals and revenue.
Read this comment about this news and want to share as I found it eye awakening: I knew somebody quite senior there years ago.. they related that MM would just make 8 figure changes to their ledger with no justification. They related the conversation went something like: “You can’t just go and do that?” “Sure we can.” “What would the Board think of that?” “The Board doesn’t care.”
with another responding: Yeah, I knew a guy who worked at MM Audit department and I thought that has to be the most unsatisfying unrewarding job.
I've spent most of my career at places where the financials mattered .. had a brief stint at a good ole midwestern mutual .. yikes. Lots of entrenched and sneaky-dishonest people in mutuals, IYKYK
@183 How do we protect the whistle blower(s)?
What can we do to encourage proper ethic and transparency?
I want to help. Any and all misappropriating of funds is causing people to lose jobs and the company to make short sighted decisions that continue to affect internal stakeholder. How long before it hurts the account older of mm ins?
No, not the former CFO. She’s the root cause of the problems. She would be blowing the whistle on herself. Another executive is providing the Information. Time to make a bucket of popcorn.
@15h former CFO fu---d a lot of things up. If anything they were pushed out because a whistleblower reported them
@15h C*umming up on American Greed !
@OP Who is the Whistleblower on this ? The fomer CFO ? Stands to make $$$ if whistleblower claims are true and if there is any there there.
@OP Somebody forgot to carry the 1 ?
What kind of fool makes a choice like this?
How ineffectual do you have to be to consistently fail at meeting financial targets?
When will they learn from their failures?
Legal violations indicate a failure in leadership oversight and values, to say the least.
I'm not even sure of the vision or trust of this company.
The last 4.5 years have been dank.
One day they will learn because time makes fools of us all.
@fm I had a feeling she was pushed out. But I'm not certain of she did her job proficiently and with due diligence.
@cr Our former CFO was pushed out. They don’t announce firings because it’s bad press and ELT has different rules around terminations. They called it “retirement”.
@a8 Once again, people who have 0 to do with these choices pay the price. Save your money, at least if you are laid off you have a nest egg to support you.
It is a shame the people at the top do not step down or are fired for these infractions.
This is the tip of the iceberg. State regulators will be embarrassed by this and launch their own investigations. They were all told over a year ago. More than a fine coming.
After Roaring Kitty, MM is definitely on a list with regulators so getting cute on interest yields isn't wise. A fine might be coming and you know what that means... the dividend has to keep hitting record highs even if it means cutting more jobs.
They should investigate more than this..... How can we help them get there?