Another Whopper from Autonomy CEO Mike Lynch

Every day, news organizations and journalists around the world dedicate significant time and resources toward some of the most critical types of coverage: exceptional original reporting, deep investigative work, scoops and exclusives, and various special projects that quite clearly stand out. Today, during a Google News workshop at the Online News Association conferencein Boston, we introduced a new content tag for the US edition that will help us better feature this “standout” content and give even more credit where credit is due.

If you put the tag in the HTML header of one of your articles, Google News may show the article with a ‘Featured’ label on the Google News homepage and News Search results. The syntax for this new tag is as follows:

<link rel=”standout” href=“http://www.example.com/scoop_article_2.html” />

You can use the tag to point to your own content or to point to other sources with standout stories. Because the Standout tag belongs in the HTML header of your articles, it will only be seen by automated systems like Google News, not by direct readers of your articles themselves.

Source: http://googlenewsblog.blogspot.com/2011/09/recognizing-publishers-standout-content.html

Google News will make it easier for news organizations to get its algorithms’ attention. A new “Standout” tag embedded into a story’s header can flag top or exclusive content on publishers’ sites. There’s also a peer-to-peer element, as the standout tag can also point toward competitors’ best stories. Google News now falls under the company’s Social Division, and it’s already beginning to show. Google has limited the number of articles that can be marked as ‘stand-out’. A news organisation can only mark 7 of its own stories per week as standout, any more than this and the algorithm will start to ignore the tags.

The standout tag is another small step in the overall change of the Google News algorithm to something a bit more,  of a Yahoo/DMOZ/ Human interventionism style . But the more direct antecedents of the standout tag are, of course, Google News’ previously-rolled-out content tags: its original-source and syndication-source (now: canonical-source) tags.

I thought that everyone would see my profile the new way, using Timeline, but I guess not. Until it launches live in a couple weeks, it still looks like the ‘normal old’ profile. Here’s a screenshot to give you an idea of how they look. Now, just need to come up with an app that uses OpenGraph’s enhancements :

Here’s some more information about the cast. Note, this was written around 2004:

Kenneth Lay

Insiders and high-level executives at Enron may have known about the company’s financial secrets and woes
for some time. In August of 2001, former VP for Corporate Development Sherron Watkins warned Enron’s CEO of impending financial problems based on “a wave of accounting scandals.” Two months later, in October 2001, Enron officials announced that the company was actually worth $1.2 billion less than had previously been reported. The difference was due to both inflated estimates of income and the failure to include all the company’s debts in reports to investors. In December, Enron filed for bankruptcy amid a barrage of questions and accusations.
Both Enron’s top managers and its accounting firm, Arthur Anderson, LLP, have come under extreme scrutiny as investigators try to piece together how secret dealings may have come to destroy the energy giant.

A number of top Enron executives have been charged with fraud, including securities, wire, and mail fraud. There have also been accusations of money laundering and conspiracy. In addition to Enron employees, Arthur Anderson, LLP, the accounting firm responsible for auditing Enron, was convicted of obstruction of justice. Three British bank workers have also been indicted on charges of wire fraud.

Michael Kopper was the first former Enron executive to be convicted. After pleading guilty to charges of money laundering and wire fraud, Kopper began to help  investigators uncover other people involved in the Enron scandal. Kopper’s confessions, along with evidence gathered by authorities, points to an elaborate system that
concealed Enron’s debt and made millions for insiders like CFO Fastow, Kopper, and Kopper’s domestic partner.

LJM

One of Enron’s biggest problems was a group of partnerships called LJM. In 1999, Enron invested in an Internet start-up company called Rhythm NetConnections. Although its Rhythm stock was worth a large amount on paper, Enron was not allowed to sell it until later that fall. Then-CEO Jeffrey Skilling wanted to be able to put the profit on paper, even though it was vulnerable to market fluctuation. His solution, allegedly devised by CFO Andrew Fastow, was to create a partnership
with a company in the Cayman Islands, which they named LJM. They funded LJM not only with the money of outsiders investors and bankers but also with Enron’s own stock. LJM took on many risky deals. In the Rhythm NetConnections case, it created a subsidiary, Swap Sub, funded by cash and Enron stock. Swap Sub agreed to buy Rhythm NetConnections stock from Enron at a set price, even if it was worth less than that at the time of sale. The partnership was especially risky because of the possibility that both Rhythm and Enron’s stock could fall simultaneously. But partnerships like LJM allowed Enron to keep debts and liability off their financial statements, and so they continued.

Chewco

Enron executives formed Chewco in 1997. CFO Andrew Fastow wanted to run Chewco, but CEO Skilling refused to allow this because Fastow’s conflict of interest would be publicly known. Instead, Fastow had one of his employees, Michael Kopper, control Chewco. To hide the connection, Kopper’s investment in Chewco was made in his domestic partner’s name. When Enron decided to buy out Chewco, Fastow drove up the price, making huge profits for Kopper and his partner. Kopper was also given $1.5 million in management fees and other payments, which reports claim were of dubious legality. He shared these with Fastow.

Convictions

As mentioned, the first to be convicted was former Enron executive Michael Kopper. Kopper worked closely with Andrew Fastow, the former chief financial officer, who has been indicted on 78 counts of conspiracy. In August 2002, Kopper was convicted to charges of money laundering and wire fraud. He had pled guilty to the charges.

In addition, Enron’s accounting firm, Arthur Anderson, LLP, has been convicted of obstruction of justice. Employees were involved in a massive destruction of files pertaining to Enron, preventing the court from seeing past financial records, transactions, emails, memos, and other potentially relevant documents. Anderson was responsible for auditing Enron and for ensuring that its accounting practices adhered to regulations. Arthur Anderson was also fined $500,000 and was placed on five years probation.

Indictments, Defendants, and Investigations

There are more than 29 defendants listed in a case filed by the federal government against Enron and its executives. Some of those suspected of wrongdoing are:

· Jeffrey Skilling, former Enron president who served as CEO from February to August 2001

· Andrew Fastow, former chief financial officer who was in charge of LJM and has been indicted on 78 counts of conspiracy (he has pleaded not guilty
on all counts)

· Richard Causey, former chief accounting officer

· Jeffrey McMahon, former treasurer

· Ben Glisan Jr., former treasurer

· Kenneth L. Lay, founder, former chairman, and former CEO of Enron

· J. Clifford Baxter, former vice chairman, died of apparent suicide in January 2002

· Wendy L. Gramm, member of Enron’s Board of Directors and its audit committee

· Gary Mulgrew, Greenwich Nat West bank employee, accused of defrauding his company through the LJM investment

· Giles Robert Hugh Darby, Greenwich Nat West bank employee, accused of defrauding his company through the LJM investment

· David John Bermingham, Greenwich Nat West bank employee, accused of defrauding his company through the LJM investment

J.P. Morgan Chase & Co. officials have been interrogated regarding their role in dealings with former Enron executives, but no criminal charges have been filed.

In addition, a lawsuit has been filed against Enron’s law firm, Vinson & Elkins LLP.

Timothy Belden, a former Enron energy trader pleaded guilty to charges of conspiracy regarding illegal dealings that took advantage of the California energy crisis.
In essence, he explained, Enron took energy out of California to avoid price caps, sent it elsewhere to make a profit, and then sold it back to California
at higher prices.

Dennis Kozlowski

Koz worked for Tyco International, Ltd., a corporation that makes a diversity of products, from healthcare supplies to alarm systems, has recently accused three former high-level executives of fraud. The three accused managers, former CEO L. Dennis Kozlowski, former Chief Financial Officer Mark Schwartz, and former general counsel Mark Belnick, have been indicted for fraud and theft by the Securities and Exchange Commission (SEC) as well as their former employer. They have all pleaded innocent.

Tyco’s financial accounting first came under review in January 2002 after a tip suggested that a less-than-legal transaction might be taking place. In June of the same year, Kozlowski resigned just before he was accused of tax evasion on some expensive art purchases, allegedly made with company funds. On September 12, 2002, the SEC formally charged Kozlowski, Schwartz, and Belnick of civil fraud.

The SEC and Tyco International have indicted the former executives on charges of civil fraud and theft. They are accused of giving themselves interest-free
or low interest loans for personal purchases of property, jewelry, and other frivolities. According to the SEC, these loans were never approved or repaid.

Kozlowski and Schwartz are also accused of issuing bonuses to themselves and other employees without approval of Tyco’s board of directors. It is alleged
that these bonuses acted as de facto loan forgiveness for employees who had borrowed company money or were used to buy the silence of those who suspected the former CEO and CFO of fraud. According to Tyco, the individuals who received loan forgiveness were not aware that they were participating in anything illegal; they were told the program had the board’s approval. Tyco and the SEC say it did not.

Kozlowski, Schwartz, and Belnick are also being indicted on charges of selling their company stock without telling investors, despite their obligation to do
so under SEC rules. In sum, the three are accused of stealing $600 million dollars from Tyco International.

Kozlowski, Schwartz, and Belnick have been indicted, and all three have pleaded innocent. All three former Tyco executives have been released on bail bonds for
the time being. Although a judge froze the assets of Kozlowski and Schwartz in September, Kozlowski has since been given a monthly living expense of over $14,000.
He was also allowed to pay over 3 million dollars in state taxes.

As for Tyco, an internal investigation has concluded that, although accounting errors have occurred, there is no systemic fraud problem.

Martha Stewart

In 2002, Stewart was under investigation for alleged insider trading for selling 3,928 shares of ImClone Systems on December 27, 2001 — an allegation that has never been substantiated nor prosecuted in a court
of law. On December 28, the Food and Drug Administration announced it would not review ImClone’s application for Erbitux, which the company touted as a promising cancer drug. ImClone’s stock plunged over 70% in the month after the news came out. Stewart was a friend of ImClone founder Samuel Waksal (Waksal dated Stewart after first dating her daughter, Alexis), who has since pleaded guilty to six counts of wrongdoing related to insider trading before the announcement. On June 6, 2002, the U.S. House Energy and Commerce Committee, which was already investigating dubious ImClone trading, announced that it was probing Stewart’s stock sale. On June 25, 2002, she famously appeared on CBS’ The Early Show; when asked by Jane Clayson about the ImClone scandal during a cooking segment, she replied, “I just want to focus on my salad.” On
October 3, 2002, Stewart resigned from the board of directors of the New York Stock Exchange. Through all the investigation and allegation, Stewart kept her public persona intact, focusing on her homemaking specialties and downplaying or ignoring the increasing clamor for answers about her role in the scandal.

On June 4, 2003, a federal grand jury in Manhattan indicted Stewart and her former broker Peter Bacanovic on nine criminal counts from the Securities and Exchange Commission (SEC). By selling when she did, the government alleged Stewart avoided losses of $45,673. The charges included securities fraud, obstruction of justice, and conspiracy. Stewart was not indicted on the original charge of insider trading, but only for the coverup that ensued. Stewart maintained her innocence, pleading not guilty, saying she had a standing order with Bacanovic to sell her shares if ImClone stock fell below $60. Stewart resigned as CEO and chairman of Martha Stewart Living Omnimedia on the same day she was indicted, but remained on the company’s board.

The day after her indictment, Stewart took out a full-page advertisement in USA Today and launched a website with an open letter of defense “to my friends and loyal supporters.” She said, “I want you to know that I am innocent — and that I will fight to clear my name… The government’s attempt to criminalize these actions makes no sense to me… I am confident I will be exonerated of these baseless charges.”

The SEC later filed a related civil suit against Stewart with charges of insider trading. Stewart’s trial was initially set for January 12, 2004, at the request of her lawyers who said they needed plenty of time to analyze the evidence. The trial eventually began on January 20 In New York City presided over by U.S. District Judge Miriam Goldman Cedarbaum. During the trial, Stewart maintained her innocence.

On February 27, 2004, Judge Cederbaum threw out the charge of securities fraud against Stewart. This was the most serious charge; it could have led to up to 10 years in prison with a million dollar fine. The judge called the charge “unfounded” and said that “no jury could feasibly find it to be accurate.”

On March 5, 2004, Stewart was found guilty by a jury of eight women and four men on all four remaining counts against her: conspiracy, obstruction of justice, and two counts of making false statements. [2] The maximum sentence for these convictions combined is 20 years in prison. The jury deliberated for three days following the five-week trial before reaching its verdict. Sentencing was set for June 17. Following Stewart’s conviction,a message was posted on her website, reading, in part, “I am obviously distressed by the jury’s verdict but I continue to take comfort in knowing  that I have the confidence and enduring support of my family and friends. I will appeal the verdict and continue to fight to clear my name. I believe in the fairness of the judicial system and remain confident that I will ultimately prevail.”

John Rigas

By 2002, Adelphia had built itself into the sixth largest cable operator in the United States under the direction
of founder John Rigas. The company was delivering cable television and local telephone service to thirty-two states and Puerto Rico. But in March of that year, the company was forced to admit that it had failed to report several billion dollars in debt. This debt was believed to have been tied in large part to insider deals conducted by John
Rigas and his family, several of whom held key executive positions at the company. The Rigases quickly left the company, although they, along with several other company executives, have since been charged  with criminal and civil offenses. Meanwhile, the company watched its share value plummet until they filed for bankruptcy in June 2002.

Adelphia, under the direction of the deposed executives, is alleged to have:

· Inflated reports of company earnings and subscribers

· Failed to sufficiently report unpaid company debts

· Concealed the Rigases’ use of company funds for stock purchases, real estate procurement, and other deals

It is also believed that the company was used to leverage personal loans for executives.

Criminal charges have been filed against John Rigas, sons Timothy and Michael Rigas (who held, respectively, the positions of chief financial officer and executive
vice president of operations), former vice president of finance James Brown, and former assistant treasurer Michael Mulcahey. Charges against each included
sixteen counts of securities fraud, five counts of wire fraud, two counts of bank fraud, and one of conspiracy.

The SEC filed civil charges against the same executives as well as another of John Rigas’s sons, James Rigas, and Adelphia itself. The defendants are charged with violating antifraud, periodic reporting, record keeping, and internal control laws.

There have also been 44 individual civil suits filed against the former Adelphia executives.

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