David Stockman was a Congressman at age 30, the youngest U.S. Budget Director, a multi-millionaire. And then he bought Collins & Aikman, one of the largest players in the auto parts industry. That seemed to be the beginning of what may be his end as a golden boy.
The company filed for bankruptcy two years ago and is being sold off in pieces. Last week the Wall Street Journal reported that it was very likely Stockman would be indicted for improper accounting, fraud and misleading investors. He blames it all on Sarbanes-Oxley. We shall see.
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