Sanjay Kumar (ex-CEO of Computer Associates) to plead guilty to fraud

Wall Street Journal Interactive ^ | April 24, 2006 | William Bulkeley and Paul Davies

[Blue Jays]

Hi All-

This just reported on the Wall Street Journal site:

"...Sanjay Kumar, former chief executive officer of Computer Associates International Inc., has pleaded guilty to obstruction of justice and securities fraud charges for his role in the massive accounting scandal..."

It will be interesting to see what the penalties are for these crimes. Also of interest, their former CFO named Ira Zar apparently completed prison for his role in the scam and was recently released. According to the annual reports, his sister also worked at CA at the time. She wasn't implicated in any of these crimes. Hopefully this financial nightmare for folks interested in the technology sector will be resolved soon.

~ Blue Jays ~

[Blue Jays]

Hi All-

Also from today's Wall Street Journal related article. Highlighted areas are mine:

"...Sanjay Kumar, the former chief executive of CA Inc., pleaded guilty to securities fraud and obstruction of justice charges stemming from a scheme that used backdated contracts to falsify the U.S. company's quarterly earnings reports.

The plea ends the career of a Sri Lankan immigrant who climbed to the top of the corporate ladder and made a fortune in the U.S. high-technology boom. Mr. Kumar now faces a maximum 90 years in prison if the eight counts to which he pleaded result in consecutive sentences. However, lighter sentencing of 10 to 30 years might be dictated under federal guidelines.

'Your honor, my conduct was wrong. I take responsibility for participating in this practice and I apologize for my actions,' Mr. Kumar told Judge I. Leo Glasser in U.S. District Court in Brooklyn, N.Y., yesterday.

Mr. Wang, 60, first spotted the younger Mr. Kumar when Mr. Kumar was a poor teenage immigrant. The two immigrants eventually became wealthy together, once sharing with another executive a $1.1 billion award of shares in the company. They are also co-owners of the New York Islanders professional hockey team. Mr. Wang hasn't been charged with any wrongdoing..." [/snip]

So this selfish nutcase Sanjay Kumar is paid several million in annual salary, earned another $300+ million in the stock award, had benefits out the wazoo, and yet he STILL defrauded honest stockholders and stole millions of dollars from them? He isn't sorry...he is just sorry he got caught. He needs to go to prison for a long time.

~ Blue Jays ~

[dljordan]

"Seriously who was using their junk by 2000?"

Lots of mainframe customers still use them. I like their tape management system better than IBM's RMM. The reporting is better.

[Blue Jays]

Hi dljordan-

Their bread n' butter mainframe software like CA-1, CA-7, CA-11, CA-ACF2, CA-DASDCheck, CA-Dispatch, CA-Deliver, and similar tools are quite reliable.

~ Blue Jays ~