Duroc-Danner didn't question the company's success, and Hudgins demanded to become a corporate officer. When the promotion wasn't forthcoming, the SEC says he wrote an angry email to Duroc-Danner in late 2008.
"I'm very upset that I'm not an officer yet. I achieved a 17 percent rate this year, and all of you treat me like sh(--)," the SEC reports.
Not mentioned in the email was that Hudgins and Kitay had recently discovered that Weatherford was again facing a 22 percent effective tax rate, after Duroc-Danner had promised analysts it would be 17 percent. Hudgins and Kitay plugged in a $303.7 million adjustment this time to hit the target.
"Weatherford promoted Hudgins to officer shortly after Weatherford released earnings for fiscal year 2008," the SEC says.
http://www.houstonchronicle.com/business/columnists/tomlinson/article/Weatherford-CEO-should-resign-for-earnings-scandal-9694544.php