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One effect of the Free Market and the Enron's
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Nipawin - Thursday, January 17, 2002 - by: Mario deSantis | |
accounting |
I have been very skeptical of the integrity of political and business leadership as I am understanding that Free Market is a legalized conspiracy for the benefits of the Few and Privileged. When in 1995 my son James took a correspondence class in introductory accounting I encouraged him to learn accounting and I warned him to be aware of the business environment as it is institutionally corrupted. As an immediate example I made reference to his accounting textbook which mentioned that we are free to shape our own accounting morals, and as another example I explained how a Saskatchewan hospital would soften their consulting expenses by showing such effected expenses as assets. |
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Arthur |
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"Has Enron become a risky place to work? For those of us who didn't get rich over the last few years, can we afford to stay?... I am incredibly nervous that we will implode in a wave of accounting scandals... I have heard one manager-level from the Principal Investments Group say, 'I know it would be devastating to all of us, but I wish we would get caught. We're such a crooked company...' employees question our accounting propriety consistently and constantly... we booked the Condor deals in 1999 and 2000, we enjoyed a wonderfully high stock price, many executives sold stock, we then try to reverse or fix the deals in 2001 and it's a bit like robbing the bank in one year and trying to pay back two years later. Nice try, but investors were hurt... I realize that we have had a lot of smart people looking at this and a lot of accountants including AA&Co have blessed the accounting treatment. None of that will protect Enron if these transactions are ever disclosed in the bright light of day." |
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----------------References: | |
Financial Accounting Principles, by Larson, Miller, Zin, Nelson, second Canadian edition, IRWIN, page 7 | |
Lack of Democracy in Saskatchewan and everywhere else: democracy is not the pursuing of the self interest of either groups or individuals, By Mario deSantis, January 12, 2002 | |
Sherron Watkins' letter to Ken Lay, CEO Enron (August 24, 2001) http://energycommerce.house.gov/107/news/layletter.pdf | |
The Enron Investigation, HOUSE COMMITTEE ON GOVERNMENT REFORM - MINORITY OFFICE. The sudden collapse of Enron Corporation -- formerly the seventh-largest company in the country, with 2000 revenues of over $100 billion -- has raised a number of questions. Serious allegations of fraud and self-dealing have been made against Enron's officers and directors, who reportedly sold over $1 billion worth of stock in the company from October 1998 through November 2001. Questions have also been raised about the company's close relationship to the Bush Administration. http://www.house.gov/reform/min/inves_admin/admin_enron.htm | |
Rank and Yank at Enron Or, the fine art of bankruptcy, by John Powers http://www.laweekly.com/ink/02/08/on-powers.shtml |