Quote:
Originally Posted by xoxoxoBruce
But shouldn't these trained bean counters, more than anyone, see the risk of the voodoo acounting practices that have pervaded Wall Street?  |
Those trained bean counters were doing voodoo accounting because they could and because it was ordered by top management. Without any law enforcement to help them say "No", then bean counters even in AT&T, MCI, Enron, etc all had no choice but pervert the spread sheets. Yes, even AT&T was on the verge of bankruptcy when Sandy Weil was discretely told this by a lesser AT&T executive that AT&T could not meet their short term loan obligations.
BTW, how to get promoted? I will never forget that corporate president on the deck, while drunk, saying "____ makes the spread sheets say what they have to say." ____ knew why he had the #2 job. 85% of all problems are ...