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DISPATCHES | Issue: "Summer Books 2002" July 07, 2002

In Brief

News highlights from around the world

Rite Aid, wrong tactics

Rite Aid is digesting a bitter pill. The nation's third-largest drugstore chain is yet another high-flying corporation to face an accounting scandal.

Fortune magazine in 1998 hailed Rite Aid as one of "America's Most Admired Companies." A year later, the company's stock sold for over $50 per share, compared to less than $13 four years earlier. Then the company revealed it had inflated its earnings in the late 1990s by $1.6 billion. By last month, shares went for under $3 each.

Federal regulators say four former executives are to blame. The "portrayal of Rite Aid as a profitable company was a ruse and a mirage," according to a 37-count criminal indictment against the executives. "The deception was accomplished through massive accounting fraud, the deliberate falsification of its financial statements, and intentionally false filings."

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July 07, 2002, Vol. 17, No. 26

Bureaucratic burial Jun. 29, 2002	NEA: School bully Jun. 22, 2002	Global shame Jun. 15, 2002
The Marriage Amendment Jun. 8, 2002	Will Kurds stand alone? Jun. 1, 2002	Mounting a defense May. 25, 2002