What does Luis Aguilar know that we don’t?
Aguilar lashed out at his fellow commissioners of the U.S. Securities and Exchange Commission last Thursday for the weak penalties they imposed on the former CFO of Affiliated Computer Services Inc., which overstated its income by $125 million in 2009. In a bracing dissent, Aguilar faulted them for failing to charge Kevin Kyser with fraud for manipulating the company’s income, and for not barring him from appearing before the commission. Instead, Kyser was simply charged with a books and record-keeping violation, and had to pay $208,595.
