Many may want Enron to go down in history as a company that cooked its books with financial witchcraft practiced only by a select few evil doers. But accounting “subterfuge” — often using derivatives in the $95 trillion unregulated over the counter market — is prevalent throughout not only the energy industry but all of corporate America. It is common practice to try and create the perception of financial health rather than report economic reality, law professor Frank Partnoy said recently in shocking testimony before the Senate Committee on Government Affairs.
Shady
Articles from Shady
Expert: Much of Enron’s Shady Accounting Was Common Practice
Many may want Enron to go down in history as a company that cooked its books with financial witchcraft practiced only by a select few evil doers. But accounting “subterfuge” — often using derivatives in the $95 trillion unregulated over the counter market — is prevalent throughout not only the energy industry but all of corporate America. It is common practice to try and create the perception of financial health rather than report economic reality, law professor Frank Partnoy said last week in shocking testimony before the Senate Committee on Government Affairs.
January 29, 2002
Listen to the latest episode of our newest podcast NGI's Hub and Flow via:
