Cisco's financial exposure to its Brazilian tax scandal, $1.875 billion, is growing at the rate of $1.185 million per day
Fri, 05/28/10 - 11:51pm Add your comment
Two and a half years ago, Linda Leung reported that legal issues in Brazil left Cisco with a potentially huge financial exposure:
Interestingly, for 2 years following Leung's report, Cisco never released the "dollar amount" of its financial exposure to its Brazilian tax scandal in any of its financial filings with the SEC.
Then on February 17, 2010, Cisco filed its Form 10-Q (page 68) with the U.S. Securities and Exchange Commission, which finally at last revealed the "total dollar amount" of Cisco's financial exposure to its tax scandal in Brazil:
That means recently, in only 97 days, Cisco's financial exposure to its Brazilian tax scandal grew by an astonishing (as least in my opinion):
$115 million
So according to my simple layman's calculation, that means Cisco's financial exposure to its Brazilian tax scandal continues to grow at the daily rate of:
$1.185 million per day ($115 million divided by 97 days)
