David Stockman, the one-time Republican budgetary wunderkind, later the CEO of an auto-parts company, and for the last year and a half a defendant on criminal charges stemming from lies he allegedly told investors about that company's financial health -- is off the hook. Criminally, at any rate.
The US Attorney's office for the southern district, NY, filed a request for a "nolle prosequi" with the court Friday.
I may as well say, then, that I regret my own previous comment on the case in this blog, which now seems to have been guilty of ... what's that German word?. Schadenfreude.
The prosecutors say that they have reassessed the evidence, concerning Stockman's time at the helm of Collins & Aikman, "including evidence and information acquired after the filing of the Indictment, [and] concluded that further prosecution ... would not be in the interests of justice."
The document is not at all forthcoming about what this new evidence is.
My understanding is that the civil litigation, SEC v. Collins & Aikman et al., continues unaffected. Sine I believe in transparency, I expect and hope that the as-yet-unpublicized exonerating evidence to which the prosecutors paid heed will show up in that context.
By the way, I wonder why this blog hosting site doesn't allow an ampersand in the labels. You'll note that in the labels below I've had to write "Collins and Aikman" rather than the actual name of the firm, Collins & Aikman. What gives, blogger???
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