Former KB Home chairman indicted
From Curbed.com blog
By Curbed.com, Monday, March 9, 2009.
After Thursday morning's news that former Countrywide CEO Angelo Mozilo is facing civil fraud charges comes news of the latest executive scandal. According to the Los Angeles Times, former KB Home chairman (and the ex-Mr. Aunt Sandy) Bruce Karatz was indicted Thursday on charges that he awarded himself and other executives millions of dollars in stock-based compensation. Apparently he's been accused of backdating stock options for the L.A.-based home builder over a seven-year period to days when the company's stock was trading at low levels.
Anyone want to take bets on which executive will fall next?
Copyright (c) 2009 Curbed.com LLC
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Submitted by Scot Whitney on March 9, 2009 - 9:49am.
Unfortunately, I have had the opportunity to call both of these "gentlemen" my boss. What amazes me is the level of greed it takes when you are making $22 million a year and you have to backdate your stock options to get more...