Thursday, August 20, 2015

Groundbreaking Research Suggests Companies Purposely Hire Fraudsters

August 19, 2015
Companies Purposely Hire Fraudsters: Study

Groundbreaking research suggests that when hiring accountants, companies weigh a proclivity toward "earnings management" more highly than any other trait.

So, "risk on" investors have that going for them, which is nice.

On a more personal and anecdotal level, I probably shouldn't bring up the fact that investors lost $19 billion betting on the last company I worked at. I wouldn't want to look petty or biased.

November 1, 2006
Chairman of Cendant is convicted of fraud - Business - International Herald Tribune

At the trial just concluded, Cosmo Corigliano, a former chief financial officer of CUC, testified that the books had been cooked for years at Forbes' direction and that he and Forbes met regularly to discuss how much money would be taken from inflated reserves and used to increase profits to meet targets.

Oops. My bad. I seem to have brought it up after all. Shame on me, lol. Sigh.


Mr Slippery said...

As a young lad, I was shocked at how many outright lies I heard told by top management at companies I worked for and with. The same with adulterous affairs at all levels. It helped make me the proud cynic I am today.

Stagflationary Mark said...

Mr Slippery,

I was mostly sheltered from the outright lies, until the day the massive accounting scandal surfaced.

It's kind of like saying that I was sheltered from the wind and heat, until the day the thermonuclear ICBM hit our office, lol. Sigh.