"This is YUGE. I suspect that much more going on here than what the public is being told."
Posted on 02/07/2022 7:34:15 PM PST by bitt
Raytheon Technologies (NYSE:RTX) -2.8% post-market following a Bloomberg report that three senior executives in its missiles division - the CFO, VP of contracts and general counsel - have left the company, citing an internal email.
Raytheon faces a U.S. Department of Justice probe into cost reporting and other financial issues involving defense contracts at the missiles division dating back several years, but the Bloomberg report does not specifically say that the departures are related.
Raytheon said on its Q4 earnings conference call last month that it had made progress in its internal investigation into the matter, but that it had set aside $290M in reserves - more than guided previously - in anticipation of "a probable risk of liabilities for damages, interest and penalties" related to the DoJ probe.
(Excerpt) Read more at seekingalpha.com ...
"This is YUGE. I suspect that much more going on here than what the public is being told."
Bump
I wonder Hu the new CFO is.
Any idea?
So, the DOJ's idea? Must be on the up and up. /sarc
They wouldn’t kick back 10% to the “Big Guy”?
Raytheon CEO (ex UTC CEO) is a bean counter.
He has a preference for a special kind of bean counter that can look into a crystal ball and take money out of contracts now, because you just know things always get cheaper in the future, and that money was a “cookie jar” and cookie jars are for cookies.
Costs are the opposite of the stock market. The stock market always goes up, and costs always go down. What? didn’t you know this?
They probably weren’t the right type of bean counter, anyway.
My first thought. GMTA.
Raytheon has always been a shady company.
Military companies employ too many crooks.
The Raytheon folks think Lockheed is the shady one.
What’s this??
Are the ousted management peop;e defecting to Red China?
Probably an agent for Red China by the name of Jing Bao Bing Bi-den.
Not only should the DOD be investigating but also the SEC, since such "techniques" are little more than a sophisticated form of stock fraud.
Xi sends replacements?
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