Accounting irregularities may be on the rise in the US

“May be”!!!!?????

https://guidoromero.wordpress.com/2009/10/21/fraud-is-no-longer-in-question/

Evidence of dereliction of duty, malfeasance and criminal collusion on the part of our governments abounds and is well documented.

There is a saying that goes something like: “when fish smells, it begins from the head”.

Given what our “leaders” and various people in positions of authority are doing, is it any wonder that others should heed their examples?

http://www.reuters.com/article/smallBusinessNews/idUSTRE59S31220091029

Accounting irregularities are increasingly showing up in U.S. regulatory filings and corporate announcements.”

[…]

Nearly a third of corporate executives have expected that fraud and misconduct would rise in their organizations this year, according to a survey from accounting firm KPMG KPMG.UL in August. The most common causes of financial restatements are related to costs, expenses and revenue recognition problems, according to the Government Accountability Office.”

The GAO should know!

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3 Responses to “Accounting irregularities may be on the rise in the US”

  1. David W. Lincoln Says:

    Guido, the chances are good that accounting irregularities may be on the rise in Canada as well. Not to mention other places.

  2. David W. Lincoln Says:

    Start with the simple stuff, and then build the case. Just like you are doing Guido. The result will be, those responsible hanging from anything that could support a hanging, or they will be retiring like King Farouk after he was bounced from the throne of Egypt. Or a more recent example would be the Shah of Iran.

    • guidoamm Says:

      That is exactly the reason why I contend that we’ll have us a global conflict sooner rather than later. Politicians know (or should know) that once government is unable to borrow in order to plug the holes in the budget, then public expenditure must be reduced if not terminated. In an environment where unemployment is rising, curtailing and/or terminating public services guarantees civil disorder and, as is already happening in Alabama for example, the masses will be roaming the streets looking to get some lynching action going… preferably on politicians and elite businessmen.

      Deflationary recessions/depressions are pregnant with constructive opportunity. Regrettably they also bring about painful social dislocation.

      Can a global conflict be avoided? Yeah! Of course it can. But avoiding it means very plainly that Western politicians must admit they are not the holders of the moral high ground and that, in fact, our monetary system and our economic models are predicated on unsustainable dynamics that lead necessarily towards aberrant practices.

      Western governments are bankrupt. They have been bankrupt for many years now. The difference is that till very recently, our governments could borrow progressively greater amounts of money thus giving the appearance of solvency. I contend that governments no longer can borrow what they need in order to carry on as before. Thus Western governments have failed; we have failed morally as we have failed financially. But we cannot admit as much. So war it is in order to create a socio/economic environment that can allow us to re-start the inflationary dynamic.

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