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The views and opinions expressed on this site and blog posts (excluding comments on blog posts left by others) are entirely my own and do not represent those of any employer or organization with whom I am currently or previously have been associated.

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Behind the Headlines: APA News Blog

Academic Version: Applying my personal experiences and academic research as a professor of Sociology and Asian American Studies to provide a more complete understanding of political, economic, and cultural issues and current events related to American race relations, and Asia/Asian America in particular.

Plain English: Trying to put my Ph.D. to good use.

May 10, 2007

Written by C.N.

Charles Wang Accused of Fraud

In the world of high-profile Asian Americans, Charles Wang used to be one of the richest and arguably most powerful of them all. He founded Computer Associates (CA) and built an empire that eventually included owning the New York Islanders professional hockey team. Unfortunately he was forced to leave the company he founded a few years ago and is now accused of committing fraud while he was running CA:

The committee was formed to investigate what it called in its report “a massive accounting fraud perpetrated by the Company’s senior-most executives from as far back as the late 1980s through 2001, and their cover-up of that fraud, which lasted through mid-2004.” . . .

The committee’s report charges a “profound failure of leadership” and says it never outgrew a “start-up mentality… that was incompatible with a publicly-traded, multi-billion dollar, international software enterprise.” Furthermore, the report stated, “The fraud pervaded the entire CA organization at every level, and was embedded in CA’s culture, as instilled by Mr. Wang, almost from the Company’s inception.”

The committee charged Wang with causing additional harm to CA by creating a “culture of fear” and surrounding himself with young executives whom he and Kumar could easily dominate.

I’m not a corporate analyst and don’t know all the details surrounding these allegations. My only comment is that it in this instance, an Asian American achieved economic success and attained a high-profile position in America society, only to eventually fall from grace and end up in scandal. Like I said, I don’t know to what degree he’s at fault or whether he’s guilty of the allegations against him — it’s just sad to see one of the early Asian American corporate successes end up like this.


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Copyright © 2001- by C.N. Le. Some rights reserved. Creative Commons License

Suggested reference: Le, C.N. . "Charles Wang Accused of Fraud" Asian-Nation: The Landscape of Asian America. <http://www.asian-nation.org/headlines/2007/05/charles-wang-accused-of-fraud/> ().

Short URL: http://www.asian-nation.org/headlines/?p=415