Global Crossing's Use of Swaps To Boost Revenue Wasn't Unusual
Here is a swap in a commodity other than Energy with the intent of boosting revenue.
"It raises the real question of whether companies are creating real economic revenue or sham transactions financially engineered to report to shareholders," says Lynn Turner, former chief accountant at the SEC between 1998 and 2001.
If Enron, Reliant, Global... did swaps to appear to stockholders differently than they were, it is cauld attempting to defraud stockholders and the SEC should step in and go after the company, its board of directors and it accountant.