Better...??
Posted on 12/03/2008 8:36:38 AM PST by giant sable
Why are the Pharisees of Accounting in the U.S. trying so hard to destroy American business? Having crippled high tech entrepreneurship and made it nearly impossible for any U.S. company to ‘go public’, the people who set the rules of financial disclosure are now making corporate financials so obscure that investors literally have no way of knowing the financial condition of their companies.
(Excerpt) Read more at pajamasmedia.com ...
I feel the same way about our tax code.
T.J. Rogers for President.
Oops. “Rodgers.”
Time to buy Cypress again.
So does the chairman of the tax writing committee.
SOX has been a real disaster.
‘Let me say this one more time: It is only going to get worse. And fixing this mess can only occur at the highest levels of government – which means that rescue isn’t coming any time soon.’
This is a result of government intervention in the market. There IS a crisis of confidence because no can trust any financial reports. We have the same raters, wall street and congressional cronys trying to fix the mess they created.
Some say it will be another generation until this mess clears. In the meantime you’re investing in a black hole!
I’m mad as hell!
If this is the same guy from MASH I like what he said the solution to the current mess is, “we should shoot all the members of congress”. He was on Fox.
I believe this T.J. Rodgers is the CEO of Cypress Semiconductors. He’s a staunch conservative.
As an accounting student I can see his point on some things he mentioned but there was other things he complained about that makes me think he don’t understand the principles of accrual based accounting.
Which is understandable being he was trained as an engineer not as an accountant.
Just as being an accountant I am having trouble writing a paper for the strategic management class I have to take. A lot of the academic business school strategic management stuff seems as unrealistic and stifling to me as Mr. Rodgers finds the current accounting rules.
I think we do need to return to an era where the Sam Walton’s or John D. Rockefeller’s can create and run a corporation without all the eggheads making things more complex than they need to be.
Not the same guy...you’re thinking Wayne Rogers.
I agree with one of the comments in the article’s blog that TJ Rogers is a national treasure, but I don’t agree with much of what he’s claiming about options.
He’s saying that when he receives economic benefits, the company should not record an expense and he shouldn’t show that he received a benefit. That is wrong. If he received the right to buy the company’s stock for a fixed price, he received a benefit. He claims he didn’t. If he didn’t then he would not feel harmed if he gave them to me.
You see, there are two kinds of stockholders: the kind like TJ Rogers who are INSIDE investors who are employees having the ability to manipulate results and change the recording of transactions... then there are OUTSIDE investors who can only see through these financial statements.
These financial statements are made for the OUTSIDE investors... to protect them.
When Rogers and other inside investors/employees receive free gifts, they are stealing from OUTSIDE shareholders, people who are not present to protect themselves.
If Rogers thinks that this protection of the outside investors is too onerous, then he should go private and earn less money.
What a perfect opportunity for Leftists to rationalize that capitalist business should simply BOGA and give up control, if not its very ASSets, to the 0bombunists!
Aren't we the compliant sheep--or is it about-to-be-boiled frogs, not to take to the streets to keep Congress from giving away our childrens' futures through industry nationalization, UN give-aways and illegal immigrant amnesty! Folks, these are changes we cannot afford to see ramrodded through Congress.
Praise be for the Chambliss and Coleman favors, though there are certain to be Daschle-style "inducements" waiting for Senatorial defectors of one stripe or another, or for a specific occasion, here or there.
HF
TJ is not a conservative. He is a libertarian.
A ‘perfect’ storm....
Many capitalist businesses are going ‘ground’ so to speak. This is a preemptive strike. We’re investing in tech to increase productivity, capitalizing on our own, vigorously de leveraging with a plan to wait this out. If they want to redistribute wealth, they’ll have to use their own.
This ‘New Economy’ that is being shoved down our throats isn’t going to work. The future holds more regulation, higher taxation, and lower leveraging. Time to prepare NOW.
If you want to start a new business, try Ireland.
Yea, well, SarbOx really protected outside investors from the Cluster-&*^^ in the financial sector, now didn’t it?
Have we seen a single financial CEO brought up on SarbOx charges yet? Nope. Not one.
Have we seen any change by FASB that has been unequivocally forced down upon the financial companies to clean up their 10-K’s? No. There are escape hatches all over the place.
TJ protects his investors by running a lean outfit. Cypress is one of the most hard-driving, cost-cutting, enforced-efficiency companies in the US. Cypress investors are protected more by TJ’s personal character than they are by FASB.
As it is, FASB/GAAP are recognized the world over for what they are - a sham. That’s why the SEC is even now floating proposals for converting US public corporations over to IAS.
"Never let a good crisis go to waste," Rahm Emanuel said recently.
HF
The deleveraging isn’t over.
The crisis has a ways to go yet. It’s unbelievable how rotten the core of the financial system has become. The ‘Enronization’ of the system has brought us to this. And I, as a taxpayer, am supposed to work harder so that those that created this monster can ‘bacstop’ this disaster. No way!
“Time to buy Cypress again.”
Actually, it is quite cheap these days.
As is much in the market of course.
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