Generally Accepted Accounting Principles

[Duncan Frissell]

Enron followed Generally Accepted Accounting Principles (GAAP) in 
accounting for the activities of its Special Purpose Entities (SPEs) and 
concealed its true financial status.

Worldcom didn't follow (GAAP) in accounting for expenses and concealed its 
true financial status.

Federal and state governments and their Special Purpose Entities (like 
Social Security) have never followed (GAAP) and regularly conceal their 
true financial status.

If private execs should do time for their lies and concealment so should 
our political leaders for their much more significant lies and concealment.

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Posted by Duncan Frissell to <http://technoptimist.blogspot.com>The 
Technoptimist at 7/8/2002 9:44:15 AM

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