November 9, 2011

J.W. VERRET: Herman Cain, AGCO, and the Oil-for-Food Bribery Settlement. “Now, it’s clear that there is no evidence to indicate that Herman Cain had anything to do with the bribery. And, its also clear that almost all, if not in fact all, of the failure of management to catch the bribery occurred before his joining the Board or the Audit Committee. If the internal audit procedures were actually fundamentally flawed as the SEC alleged, I do think however it may be legitimate to ask what Herman Cain did to fix them during his tenure on the Audit Committee. That’s not to say it makes him complicit or liable, but it’s at least more relevant than some of stories we’ve seen in the silly season thus far in the last six months.”

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