From the "Fun with SEC Filings" department comes this gem of an 8-K filed by a little company called Perma-Fix Environmental Services (NYSE: PESI), which I'm quoting in its entirety:On July 10, 2009, Perma-Fix Environmental Services, Inc. (the "Company") became aware that the academic credentials of Mr. Larry McNamara, Vice President and Chief Operating Officer of the Company, have been misreported in the Company's filings with the Securities and Exchange Commission ("SEC"). The incorrect information was provided to the Company by Mr. McNamara, and the Company relied on the information provided by Mr. McNamara. Mr. McNamara had incorrectly advised and represented to the Company that he was a graduate of the University of Iowa, which was incorrect. Mr. McNamara is not a college graduate. The Company will report the correct information regarding Mr. McNamara's academic credentials in future reports filed with the SEC. Although the Board of Directors of the Company is considering appropriate action, if any, to address this issue, the Board of Directors believes that Mr. McNamara's 10+ years of experience with the Company and 12+ additional years in the mixed waste and low level radioactive waste industries, including his former position with the U.S. Department of Defense, has demonstrated Mr. McNamara's requisite qualifications and abilities for his current office with the Company.
The company uses the words "incorrect" and "misreported," but let's be real: Mr. McNamara lied. Saying you graduated from college when you didn't is not "incorrect" or "misreporting." It is outright lying. It's a calculated and deliberate deception. Why not just call it that? Why couch it in absurd legalese? It just makes everyone look stupid.
Then the company proceeds to say that it will take a look and consider taking some action, and points out that Mr. McNamara's experience demonstrates his qualifications for the job. This misses the point completely. The issue isn't whether he's qualified for the job -- and anyone who thinks a college degree makes you capable of doing anything should sit through a few classes. The issue is that this scandal exposes Mr. McNamara as someone who tells people things that are completely not true in order to get jobs. The real question is whether that's the kind of person you want working for you.
And if the company elects to keep Mr. McNamara on its staff, shareholders will have to ask whether a board of directors that knowingly keeps liars on its staff is the kind of board they want.
Then the company proceeds to say that it will take a look and consider taking some action, and points out that Mr. McNamara's experience demonstrates his qualifications for the job. This misses the point completely. The issue isn't whether he's qualified for the job -- and anyone who thinks a college degree makes you capable of doing anything should sit through a few classes. The issue is that this scandal exposes Mr. McNamara as someone who tells people things that are completely not true in order to get jobs. The real question is whether that's the kind of person you want working for you.
And if the company elects to keep Mr. McNamara on its staff, shareholders will have to ask whether a board of directors that knowingly keeps liars on its staff is the kind of board they want.
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Reader Comments (Page 1 of 1)
7-14-2009 @ 11:07AM
John said...
1. Qualified to run the company.
2. Not qualified to run the company.
Those are not the issue.
He lied about his education/his qualifications.
If the President of the country lied about his qualifications, what happens? They impeach him and throw him out of office. What makes this person any different??????? HIS TRAINING DOESN'T EXCUSE THE LIE HE TOLD.
7-14-2009 @ 11:31AM
Alan said...
Have these people heard of a reference or background check or is that for the lower level employees whom they likely do extensive reference checks,etc. I'll bet this guy was just too good to complete the company application that probably states providing false information is grounds for immediate discharge... He was clearly hired on his resume',no refence check and a cursory interview..absurd!!
7-14-2009 @ 12:50PM
dmsm95363 said...
Okay he lied! Why did he lie? And yes, what does his contract say, should he be dismissed? What other people, if any, have been dismissed from this company for not telling the truth? Lawsuit time for discrimination.