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Back To The Woodshed

Daily Brief

by Liz Gunnison, Jeffrey Cane, Mark Stein, Laura Rich and Megan Barnett
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Mar 26 2007 12:00am EDT

Back to the Woodshed?

David A. Stockman, the former budget officer in the Reagan administration, conspired to defraud investors and lenders when he ran an auto parts maker from 2001 to 2005, prosecutors said.

A federal grand jury, acting on evidence from the Justice Department and postal inspectors, indicted Stockman and seven others for securities fraud, bank fraud and wire fraud.

They are accused of using phony supplier rebates to inflate cash flow and operating profit at Collins & Aikman before it sought bankruptcy court protection.

The defendants deny the charges.

by Mark Stein

Laura Rich is a co-founder of Recessionwire, which provides news, advice, perspective and humor about the recession and the recovery.

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