Generally Accepted Accounting Principles
Duncan Frissell
frissell at panix.com
Fri Jul 19 11:14:08 PDT 2002
Enron followed Generally Accepted Accounting Principles (GAAP) in
accounting for the activities of its Special Purpose Entities (SPEs) and
concealed its true financial status.
Worldcom didn't follow (GAAP) in accounting for expenses and concealed its
true financial status.
Federal and state governments and their Special Purpose Entities (like
Social Security) have never followed (GAAP) and regularly conceal their
true financial status.
If private execs should do time for their lies and concealment so should
our political leaders for their much more significant lies and concealment.
--
Posted by Duncan Frissell to <http://technoptimist.blogspot.com>The
Technoptimist at 7/8/2002 9:44:15 AM
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