Kilroy Was Here
February 14, 2003
Corporate Weasel Watch: Sprint and Ernst and Young
Molly Ivins comments on a sad state of affairs at Sprint It seems as if the executives at Sprint used corporate money to pay auditors at Ernst and Young to set up tax shelters for them. According to the New York Times, Sprint's auditor, Ernst and Young, sold Sprint executives tax shelters so that they can avoid paying taxes on over $100 million dollars of income gained on stock options.

From the New York Times article:

Molly Ivins expresses the outrage that's been hammering inside my head.

Unfortunately for the unpatriotic and greedy William T. Esrey, Sprint's former chief executive, and Ronald T. LeMay, Sprint's former president, their tax dodge didn't work. Sprint fired them, and now they are facing bankruptcy.

So what do they do? The sue of course. They're suing Ernst and Young, they're suing their lawyers, and, most egregiously of all, they're suing Sprint! This has to be the height of hypocracy. It's like those carjackers you hear about suing their victims for accidentally running over them while the victim tries to escape.

Molly Ivins has the right idea.

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