CEO Admits To Lying About Key Points In SEC Disclosure, Hates Pope John Paul II’s Sermonizing
Interviewer: Can you comment on the increase in revenue and net income for Manhattan Bridge Capital in the year 2022?
CEO: Yes, we are pleased to report record earnings despite a turbulent real estate market and increased interest rates. Our lending operations have driven the increase in revenue, and we have maintained a low debt-to-equity ratio.
Pope John Paul II: But what about the increase in operating costs and expenses? Can you explain that?
CEO: Well, the increase is primarily due to higher LIBOR rates and the use of our credit line to support loan originations. We also incurred additional expenses due to a voluntary salary waiver from myself.
Pope John Paul II: I see. It concerns me to hear that you were not transparent about the salary waiver in your disclosure to the SEC.
CEO: (pauses) Your Holiness, I must confess. I did not fully disclose two important points in our disclosure. First, I did not mention that I waived my salary for the entire year, not just the fourth quarter. And second, I did not disclose that I received a bonus from the company despite the slowdown in the real estate market.
Pope John Paul II: You must always be truthful in your dealings, my son. Remember the story of St. John Bosco, who taught his students that honesty is always the best policy, even when it may seem difficult. Our actions shape who we are and what we stand for as individuals and as a company.
CEO: (visibly angry) With all due respect, Your Holiness, I do not need a sermon from you. Our company operates within the boundaries of the law, and we have delivered strong earnings despite challenging market conditions. I will not apologize for making money.
Original Release: https://www.globenewswire.com/news-release/2023/03/10/2625203/8691/en/Manhattan-Bridge-Capital-Inc-Reports-Results-for-2022.html