Thread regarding Weatherford International Ltd. layoffs

Can anyone name one single thing the Frog has done that successfully increased shareholder value that wasn't later found to be a fraud? This snail eater needs to be in prison.

CEO and CFO skate free. Good thing they are not going to be held accountable or suffer any clawback in wages. They've been running a tight ship, and I sure would have hated to seem them get punished for screwing over the stockholders by lying about the health of the company.

Is this bad?

From Marketwatch:

Weatherford had to restate its financials in February 2012 and then again in July 2012. Weatherford’s second restatement lowered net income by $256 million more for the periods 2007 to 2011 and its third restatement shaved an additional $186 million more from net income for multiple prior periods.

The income tax fraud was not the only thing Weatherford’s CEO and CFO missed during this period. In November 2013, the SEC charged Weatherford with violating the Foreign Corrupt Practices Act by authorizing bribes and improper travel and entertainment for foreign officials in the Middle East and Africa to win business. The company agreed to pay $252.6 million to settle the SEC’s charges and related actions by four other agencies. On a call with media to discuss the most recent case, Ceresney said that the time period of the FCPA and this case overlapped.

Corrupt b6st6rds

If WFT is so hurting for cash then why the help is everyone still traveling around the world for a dam meeting that can be done with a phone call. ALL TRAVEL NEEDS TO BE STOPPED.

quote from today's fuelfix article:

'The SEC said its investigation remain ongoing, but declined comment as to why it remains ongoing.'

this ain't the end of it. WFT is about to get brutally analized - Lisa Ann style!

Full steam a head that little gash in the side of this big ole Titanic is nothing said the El captain!

WFT shouldn't be trusted.

Well, the fraud is not news, but the $140 million penalty is. This is money the company does not have. Currently not even enough cash flow to cover quarterly interest on existing debt. Today the stock broke some very important technical levels. I'm predicting a $3.28 share price or lower within the next few days or weeks. My personal bet at the beginning of this year was that WFT would be declared insolvent by the end of Q3. I might be a quarter or two off on this forecast, but it will happen.

So they settled. The fraud or misconduct in accounting is not news. Great, the company is moving past it and hopefully not doing similar bad behavior in the future. Since this isn't really news, it shouldn't change anything.