TOMORROWKNOWS

THAT'S A LOT OF SCRATCHY TOWELS

Kmart: Big buys, bigger lies

SEC lawsuit alleges former executives concealed actions in retailer's spiral

Former Kmart Corp. Chief Executive Officer Chuck Conaway and his chief financial officer deceived investors to hide the fact that the company made $850 million in "extraordinary and reckless" inventory purchases -- lies that prevented the public from realizing the Troy-based company was headed for collapse, a federal lawsuit filed Tuesday said.

link