Comments on: Weaky #20: Oniomaniac Embezzles 1/3 Of Company’s Value

By: Des

Des — Thu, 18 Feb 2010 10:33:37 +0000

Speaking of which MB, my grandfather was kind enough to give my cousin a job at his company and managerial privileges. The guy then started buying rims on credit, expensive Nokias and things like that, and now my grandparents can’t afford to retire.

By: Money Beagle

Money Beagle — Tue, 16 Feb 2010 16:42:17 +0000

Well, this is a crazy story but I think it’s pretty explainable. Think of the married couple where one person controls every aspect of the finances. The person in control would have a better opportunity to ‘stash money’ or engage in some sort of ‘financial cheating’ more so than if the couple had shared responsibility. In the case of Koss, my guess is that the CFO probably had control of the very aspects that would have normally uncovered this type of theft.

Just shows that there should be checks and balances, whether it be in a household, a private company, a public company, or even the government.

By: Kosmo @ The Casual Observer

Kosmo @ The Casual Observer — Tue, 16 Feb 2010 16:32:15 +0000

If someone stole 1/3 of the market capitlization of Hyrax Publications (the parent organization of The Casual Observer) I doubt that I’d notice.

Then again, the market capitilization of Hyrax consists of an 8 year old computer, a couple of ink cartridges, and a ream of paper. (on second though, I *might* notice, since stealing 1/3 of the value probably means taking the keyboard and mouse, and I’d notice that).

But if someone stole $20 million from me? Yeah, I’d probably notice.

Hope she remembers to include this income on her 1040. Income from illegal sources is, of course, fully taxable

I had some Koss headphones. ONCE.
.-= Kosmo @ The Casual Observer´s last blog ..Knee Jerk Reactions =-.

By: Kyle

Kyle — Tue, 16 Feb 2010 16:04:39 +0000

Wow! That is all I can say… seriously no wonder they had measly profits over the years, she was stealing it all. That is a serious shopaholic to be blowing that much every year. FWIW I read oniomaniac as onion-maniac, I tried to figure out how onions related to the story.
.-= Kyle´s last blog ..Bank Accounts Aren’t Just About Great Rates =-.