Sunday, March 13, 2005

More Accounting 101

Today's NY Times had an excerpt from Kurt Eichenwald's book on Enron, "Conspiracy of Fools". 'Fools'is an appropriate term, along with 'crooks'. When the shit hit the fan, they discovered that the accounting and finance people had no idea as to what their cash flow and debt repayments would be for the next day, week, month, year. And these people were being paid in the millions!

Again, where were the auditors in reviewing internal controls?

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