Accounting fraud admission wipes £5.5b off BT's valuation

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I’m willing to bet it’s all just part of the strategy. Go ahead and break the law for ten years. Then confess when you’re just about to get caught. Stock price tanks - buy up some bargains - start over with a new accounting trick.

Enron was a scandal because they did it wrong. They waited until they got caught.


Doesn’t Bruce Schneier do work for BT? The best security threats are often on the inside, and presumably his remit doesn’t extend that far.

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Schneier is many things, but not engaged as an accountant.

True, but it’s also many years since he was a pure cryptography/IT-security wonk.

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