"Then the CFO needs to resign."

Careful what you wish for, never know what's on the other side!!!

And another thing, many make out TM to be the fall guy simply because the current predicament happens to be financial. You're entitled to that opinion but having been in that chair, the CFO does not act independently in these or similar circumstances. The CFO is an integral part of the management TEAM. The team consisting of the CFO, CEO, the BOD and potentially others are all involved in these matters so to single out one individual is simply nothing more than an uneducated and convenient witch hunt. Everyone suffered financially today but we should collectively hope that the TEAM can pull this off.