OK. Here's the deal. I know firsthand of a company that's publicly traded, mega-corp size who has a SEVERE problem, and has not stated it publicly.

This problem came to my attention through our business. Credit reporting has not taken place for.... well, a while. (A long time)

What are the legal ramifications of spilling this here?

Posting here first, not as much "publicity" as TB2k...

-- Anonymous, January 10, 2002

Answers

You knew I'd look it up to see who you are, didn't you? Tee hee.

You're in a difficult position. What you have is privileged information, because it came to you through the company. Of course, I am not a lawyer and cannot practice law, etc., etc., but if I were you, I'd keep my mouth shut. If you were to reveal what you know, the company's shares could slide and you could be held liable--if you couldn't prove what you know. I mean, you can prove you heard it at the comany, but can you prove it's actually TRUE? What hard evidence do you have? Besides which you would lose your job--your firm would have to fire you for breaking confidentiality.

It's a no-win situation for you. Hypothetically speaking, the only way to handle this would be to leak it to someone who can do something about it without getting creamed. And leak it so there would be no paper trail, no voice mail, nothing like that. A pay-phone call to a local business reporter, for instance, although please understand that I am not recommending this course of action.

-- Anonymous, January 11, 2002

NotTellin,

Boy, when you ask a question, you ask a question.

I agree with what OldGit says, keep your mouth shut. It will come out at some time, even if it is long into the future. Corporations cannot hide something of this magnitude forever.

You must also consider what will happen to yourself. Like Git said, you would be fired. It would be very difficult for you to find another job under the circumstances of you departure from your current employment. Is it worth blowing your entire future? Recent history is littered with whistleblowers that have been ruined. There are supposed to be laws which protect whistleblowers, but they are rarely enforced. Something about being a tattle-tale I think. While I might be very tempted, I would study long and hard and search my soul for the answer to be given to me from within.

Best of luck to you in your search for answers.

apoc

-- Anonymous, January 11, 2002

See, y2k really is a timebomb.

I'm not so sure there is a confidentiality issue unless you signed something in the way of a gag order. Even so, it wouldn't be looked at too kindly.

Considering it is a publicly traded company, I wonder what, if anything, is expected to be disclosed of this nature in the quarterly and annual SEC filings. One of the biggest problems with y2k was that it was likely to be buried in a bunch of other issues, so easy to deny.

-- Anonymous, January 11, 2002

NotTelling, I see you are asking others the same question (about whether you should disclose).

I don't really see why you should bother, as intrigued as we all might be. Even ENRON doesn't seem to have had a major impact on the markets, and us doomer types should have already protected our investments and employment security. I know there were concerns about whistleblowing pre-rollover for those companies where there could be a life-threatening physical impact from failure to remediate. But financial? Either we're recovering or we're not. (I'll admit to feeling vaguely optimistic for a few hours after New Year's.)

Hope your own business is protected and that you aren't relying on those other guys too much.

-- Anonymous, January 11, 2002

This is an ethics question, one only you can really answer, NotTellin.

In any case, I would have a confidential discussion with someone (a lawyer?) who is familiar with the laws in your area. It could be that by keeping silent, you could be included in a lawsuit (a la Philip Morris managers), or it might be best for you to keep silent at this point. We aren't your best source for an answer to this question.

Good luck, no matter what you decide.

-- Anonymous, January 11, 2002

http://www.timebomb2000.com/vb/showthread.php?s=&threadid=18195

Link

Dennis has already mentioned your news, if he is, indeed, referring to you. Please don't answer that either way. I'm just telling you the thread.

-- Anonymous, January 11, 2002

Damage control is now necessary, NotTellin. Once it gets on Timebomb, it gets everywhere. DO NOT, repeat DO NOT, breathe the name of this company to anyone. A reporter probably will not reveal your name, even if he/she has to go to jail--but even that is not a hundred perecent guarantee. This could ruin your life if it gets out of hand. Working in the legal business for a large numebr of years, I am no longer surprised when even the simplest thing (no matter how right) turns out to be the most complicated, ugliest mess you ever saw.

-- Anonymous, January 11, 2002

Dennis, I know you read this board sometimes. You should have your hand slapped for putting that on the main board while NotTelling is still researching his/her options. Keep stuff like that to yourself in the future, please.

-- Anonymous, January 11, 2002