Dive Summary:
- William Pentland writes for Forbes, looking back at a 2009 Liberty Consulting Group audit, 2009 El Dorado Task Force investigation and other reports documenting past concerns about Consolidated Edison and its board of directors.
- The Liberty report expressed a lack of confidence that "neither the regulator nor [Con Edison's] Board is provided what is necessary to make the best decisions on capital spending.”
- Pentland also raises concerns about recent corruption problems, including criminal charges that were brought against a Con Ed employee last year.
From the article:
"... In response to what smacks of systemic controls problems, Con Edison‘s senior management has seemed decidedly unrepentant. Rather than overhauling the company’s leadership, Con Edison has disputed the scope and severity of these internal governance problems.
For example, in Con Edison‘s most recent 10-Q filing with the U.S. Securities and Exchange Administration, Con Edison states that as of September 30, 2011, 'the company had a $10.5 million regulatory liability relating to this matter.' ..."
