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Originally posted by xoxoxoBruce
And those honest opinions won't put their accounting contracts in jeopardy, right?
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Why be honest? There is no punishment for cooking the books. Even all the way back to book cooking of Waste Management - no penalty. And when Clinton's SEC tried to get money from Congress to fix that problem, Sen Billy Tauzen of LA and something like six other major Republican Senators outright threatened to eliminate all SEC funds.
In Washington, no lawyers are paid less than SEC lawyers. The Congressional and now administration 'powers that be' want it that way. When congress offered to triple the SEC Budget, the previous SEC Commissoner Harvey Pitts refused to accept the offer. As a result, the average job experience of an SEC lawyer is a pathetic three years. This is the organistaion that will force honesty in accounting? God save the Queen (the QE II) first.
Xerox was on the verge of bankruptcy. An honest accounting report would have made it obvious. But instead the president of Xerox called the head of KPMG and had accounting report changed. Who went to jail? No one here is even subject of an investigation. But since Martha Stewart did not contribute to the Republican party ... well, justice may be blind but the hand can still feel campaign bribery funds. Accounting will only be as honest as the Federal government. Point finger at the current administatraion that cannot even be honest about Medicare funding - let alone about weapons of mass destruction.