Thursday, December 8, 2011

SAIC CityTime Write Down

Billion-dollar defense contractor SAIC posted a quarterly loss due to its continuing CityTime fraud scandal. The troubled company wrote down the value of its assets to account for a growing allowance it is pooling to refund New York City taxpayers for the fraudulent over-billing on the failed CityTime payroll project.

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'' The more you attune yourself from your centre to the centre in everything, the more you will find that there is a sympathetic interrelationship in the universe that enables perfect understanding of all things. '' ~ Swami Kriyananda