Nortel Files 2003 Financials

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Krypton_Blue 12/5/2012 | 3:30:07 AM

re: Nortel Files 2003 Financials > It also absolves those executives of any blame. "While none of these executives was found to have been directly involved in the inappropriate provisioning conduct, these members of the core executive team share the Board's deep disappointment over the circumstances that led to the restatement."

>>>>>>

It would be interesting to know how a company absolves its executives with any wrong doing when "they" are in fact responsible for these actions. It is obvious to me that Nortel continues to protect these wrong-doers. Mr. Owens needs to clean up the executive level and a good portion of top directors at Nortel. If he does not do this, sales will continue to slide and its name will continue to be tarnished.

Buyers beware!!!

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Machavelli 12/5/2012 | 3:30:06 AM

re: Nortel Files 2003 Financials I love this line.

>>>These voluntary actions reflect the strength of character and quality of leadership of Nortel's core executive team.

This "quality leadership" has provided the following benefits to Nortel stakeholders.

1)"We provide Shareholder Value": Nortel shareholders have seen the share price drop from $120 to $5 over the last 5 years.

2)"We value our employees": The money obtained from laying off 70,000 employees has provided nice bonuses to the executives who fired them. But that wasn't enough, they had to cook the books to provide themselves additional "profitability" bonuses.

3) "We value our customers": They provide them minimal service and product functionality as a result of 70,000 less people working in the company. Wireless customers love Nortel so much, they are all switching over in droves to Lucent, Nokia and Ericson. Optical and Enterprise customers are almost no existent at Nortel.

Mach

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dodo 12/5/2012 | 3:30:04 AM

re: Nortel Files 2003 Financials who are they kidding?

Will the reimbursement over 3 years include interest?
How many of the staff who got the proverbial axes saw their hard-earned stock options ( no time to be vested) under water?

NOW WILL RED WILSON AND SOME OF THE BOD MEMBERS DO THE HONOURABLE THING AND SUBMIT THEIR RESIGNATIONS INSTEAD OF CREATING A MAYHEM AT THE NEXT ANNUAL MEETING

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Sipster 12/5/2012 | 3:30:04 AM

re: Nortel Files 2003 Financials Only way for nortel to survive is to scarp the management and sell it to a level headed management,

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dodo 12/5/2012 | 3:30:03 AM

re: Nortel Files 2003 Financials Correctionafter reading through the various financial news:

Wilson is retiring together with the four other directors who will not stand for reelection : Yves Fortier, Sherwood Smith Jr.,Guylaine Saucier and James Blanchard.

Anyway even Owens is struggling and his credibility has suffered: "Three people close to him say the leadership approach that served him so well in the military may not be suited to the corporate world." Re: Businessweek of 17th January.

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Machavelli 12/5/2012 | 3:30:01 AM

re: Nortel Files 2003 Financials I guess Bill Owens wants to close the barn door now that the horse has left.

Nortel annouced the re-installation of an ethics office headed by Susan E. Shepard who previously headed the New York State Ethics Office.

http://www.osc.state.ny.us/pre...

I hope they don't fire her when she starts to do her job like they did with the previous ethics officer in 1999.

Mach

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deer_in_the_light 12/5/2012 | 3:30:00 AM

re: Nortel Files 2003 Financials >>>>> Anyway even Owens is struggling and his credibility has suffered: "Three people close to him say the leadership approach that served him so well in the military may not be suited to the corporate world." Re: Businessweek of 17th January.

He must have been the guy running that friendly jail in Iraq, they could use him in Carling ;-)

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techoriginol 12/5/2012 | 3:29:58 AM

re: Nortel Files 2003 Financials Once again here is proof that big business is a
friend of government, and that the rich, famous,
or powerful are above the law.

Time and time again we see the same thing. The small investor gets burned, the employees get shafted, the small town crook, shoplifter, or drug possessor gets punished yet the executives like John Roth, Frank Dunns, Wilson, and Enron's Kenneth Lay or other high powered criminals get away with bloody murder.

My father always said "there are two sets of laws". One for the common folk and another for the
rich and powerful. Boy was he right. This is the way it was and this is how it always will be. Government, whether US, Canadian, or anywhere in the world turns a blind eye towards the rich.

12 executives are paying back their bonuses. So what! I lost a dime on the way to work this morning. Am I crying? I also lost my Nortel Job while these wipes were raking in the shareholder dollars.

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mcat 12/5/2012 | 3:29:57 AM

re: Nortel Files 2003 Financials The multiple regulators, such as the SEC, Financial Accounting Standards Boards and others in the US and other developed nations need to tear down the inherently instability of the ambiguous accounting categories which have led executives who are motivated by the personal financial gains of high share price, stock options and bonuses to cook the books to extreme levels such that virtually everyone is taken to the cleaners. Post Enron, Worldcom, Nortel and Adelphia, we can no longer justify the old processes which enrich the few at the extreme expense of: employees, shareholders, pension funds and research/development.
As the complexity of corporate organizational structure and financial processes has increased, too many executives have turned away from strategic management in a highly dynamic business environment to accounting gimmicks.
Sadly, I do not trust most of these executives to develop and implement strategies.

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BigBrother 12/5/2012 | 3:29:55 AM

re: Nortel Files 2003 Financials I think we should abolish these incremental bonus until the job is done. I have had experienced that people made claims that their projects are on tracks and getting bonus for hitting the milestones but hidding the problems who was going to take over. Then go on to create new projects and screw the company and people all over. The people who took over these problems then had to take the blame. These crooks keep moving up. Sure eventually they will get caught and everyone suffers.

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