Blogged by Brad Friedman from St. Louis...
Po', po' Diebold. Being unAmerican pays well only up to a point, we guess, as the company's stock once again begins to tumble today after a key analyst cuts his rating for the once-great "security" company, citing "possible legislative concerns in the company's voting machines business."
And even as the company continues to misrepresent its products, on its own website, via knowing lies (otherwise known as fraud).
After the voting machine company's spectacular failure over the weekend at the GOP Straw Poll in Iowa --- where anywhere from 10.5% to 32% of the ballots had to be counted by hand after Diebold's machines failed --- it's little surprise that things are coming apart for the company again. The question, however, is how much farther it still has to go and what the hell the company can possibly do about it at this point.
"Investors could increasingly sour on the stock if Diebold does not try to sell the unit," reports Forbes this afternoon as the stock fell some 4.5% to $47.60 today on heavy trading, after falling at least that much since a high near $54 last Thursday.
Good luck selling that clunker of a division, boys. Liabilities much?
The company, which is already under investigation by the SEC, as we reported exactly one year ago today, reportedly for misstatements of revenue concerning its voting machine business, might face even more difficulties once its investors come to fully understand the depth of the fraud which the company seems to still be perpetuating.
Here's just one fresh example of the company's continuing lies, as found on the Diebold Election Systems, Inc., FAQ page on its own website today.
The company claims, incorrectly, that its touch-screen voting systems "insure ballot anonymity" by scrambling "the order of cast ballots"...
That is, of course, a complete and utter lie. At least according to the computer scientists at University of California who studied the matter in CA SoS Debra Bowen's recent "Top-to-Bottom Review" and found precisely the opposite to be true...