June 30, 2002
From the desk of Jane Galt:Eleanor Clift just attributed WorldCom
Eleanor Clift just attributed WorldCom and Xerox to Bush's failure to promulgate government regulations after Enron.
Because, you know, those regulations would be in effect by now.
And regulations regarding the consolidation of limited partnerships would certainly have prevented WorldCom from incorrectly restating expenses as capital expenditures.
I am hereby calling for a moratorium on people calling for more government regulations unless they actually know something about accounting, and have some idea about what regulations would work.
A brief survey of left and right accounting-savvy people I know shows that every single one of them wants reform, and none of them have the faintest clue as to how to implement it.
Posted by Jane Galt at June 30, 2002 10:08 AM | TrackBack | Technorati inbound links