Posted on 07/07/2002 12:48:07 PM PDT by Ernest_at_the_Beach
Edited on 04/14/2004 10:05:14 PM PDT by Jim Robinson. [history]
Much has been reported about the improper and possibly fraudulent accounting practices at Enron, WorldCom, Global Crossing and, most recently, Xerox. All of these incidents appear to be inexcusable and reprehensible violations of public trust. There appear to be multiple occurrences of the same theme - cooking the books and obfuscating the truth from the public.
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The MMA motto: "Your $hit is our bread and butter."
In crafting the state budget, Gov. Davis and his legislative colleagues applied many of the same deceptive accounting techniques used in these corporate scandals.
Ouch! That has to hurt Davis in two ways. First, it is truthful and connects something that is hurting a lot of folks retirement acounts and therefore is transferring anger to Davis and second, it is pointing out to Davis and the Democrats why their budget (that counts so heavily on borrowed Wall Street funds,) may have a real problem.
Wall Street will look at the budget and then calculate its own cash flow for the state before it lends a dime and before analysts determine bond ratings. With the Merril Lynch New York State settlement, Wall Street will be much more careful to really look at things before it recommends buying bonds from California.
Take it up a level and the Fed Gov does the same thing too. They spout outrage at the corporate shenanigans... when they have been doing the same thing on a much larger scale for years. Cook the books, lie to the public and raise taxes to collect more and more.
They claim to be concerned with public health issues regarding smoking, when they profit more from tobacco sales than the tobacco companies do. There is no shareholder with a bigger interest in tobacco sales than the government.
They claim to be suspicious and watchful of casinos and gambling, while they collect massive taxes and create their own lottery games.
The phrase "The pot calling the kettle black" doesn't even do justice here. Any criminal organization needing inspiration need only look to the politicians for examples galore.
There doesn't seem to be any accountability at all.
We voters have not been doing our job . Of course the media is not helping us at all!
I think ENRON and the others simply copied the US Governments way of cooking the books, that is assuming of course there were some qualified people within the gov. who could do it. Look at the few heads of departments that have been caught using credit cards, ordering computers etc. for private use etc., those few represent the tip of the ice burg. Governor Davis and pals should not be re-elected peroid! They represent the worst in state government.
There should be a train wreck, but I suspect that Doofus is hoping that nobody will notice his little problems until after Nobember.
It's fascinating that all discussion of borrowing to "tide the state over" or "amortize the debt" has ceased.
It's quiet...too quiet...
They are probably huddled in a corner deciding how they can best spin the plan!
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