EDITORIAL: Delphi execs deserve punishment

The Securities and Exchange Commission made quick work of charges against Delphi and several of its former lead executives.

The SEC charged that Delphi posted fraudulent public earnings statements from 2000 to 2004. The company misstated earnings by $332 million in four different schemes in order to meet financial projections.

It’s no surprise to anyone that Delphi has been in financial trouble for years, but to know that what they did and didn’t have has been falsified is troubling. The workers at the Lockport plant deserve better than this.

Executives that fudge the books for at least four years should have to pay. It looks like they will. Six of the executives have agreed to a total combined fine of $1.4 million.

The settlement means Delphi will not face any penalties and will not have to go on the record as guilty or not guilty. We have to believe that if the executives are forced to pay, that pretty much proves guilt for the company as a whole.

As we’ve stated before, the livelihood of many in Niagara County is in the hands of people like these top executives.

It’s troubling to think they were doing this from 2000 to 2004 and even more troubling that it wasn’t realized until 2006.

If Delphi workers are expected to surrender wages and benefits to benefit the company, than top executives should be held to the same standards.