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Accounting control fraud really does work

Here's the end of a Joe Nocera takedown at Yves's place:

So we are back to the same ugly fact set. The overly generous terms of the TARP, and the failure of Team Obama to force management changes on the industry in early 2009 was a fatal error. It has embedded and emboldened a deeply corrupt plutocracy. The only way to go after them, as Eliot Spitzer suggested in the movie Inside Job, may be to target lower and mid-level employees on the widespread and well accepted practice of having securities firms pay for prostitutes and drugs out of research budgets. All it would take is a sufficiently bloody-minded prosecutor. But that sort of individual is notably absent from any of the perches where he could take on this mission. Given what happened to Spitzer, that seems to be no accident.

Or have a whistleblower accountant bring the story before the public.

This is how accounting control fraud works: The executives convert the company into an engine of corruption by "controlling" the "accounting" function, so that it no longer checks or regulates their behavior.

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Submitted by jawbone on

Yet another avenue, especially if the officials in charge of investigating and enforcing laws, mostly those in the financial area, won't do so.

I'd love to see what Anonymous could find from the Republican Governors Assoication's records...Koch brothers' industries and political foundations, etc.... Too bad the DLC has disbanded; are the digital records still there somewhere? I imagine lots and and lots of scrubbing has been going on since Anonymous broke into HBGary, eh?

A people lied to as much as we are by our leaders deserves to know what's really going on.

Has anyone here read the new Mearsheimer book, Why Leaders Lie? I heard the author on one interview say the interesting thing is that leaders lie more often to their own nation's people than they do to foreign leaders. Guess being in the club makes them feel the other leaders will understand reality, but their own citizens must be bamboozled.

Submitted by jawbone on

6:25 My colleague Kevin Gosztola informs me: " Around 6 pm via Twitter: '@AnonNewsNet: #OpWisconsin has DDoS'd Americans For Prosperity's website ' Just as WI state was about to move in and remove protesters from capitol building. Just as state cut off wifi in the building too."

From Greg Mitchell's WikiLeaks Blogging, Day 92, Sunday, Feb. 27.

(Just checked the site; got this message:
503 Service Unavailable
No server is available to handle this request)

(Also, on Oscar's, sound mix(?) winners called out the help of their UNION workers. Applause.)

(Now, what about Repub Govs??)

Submitted by MontanaMaven on

Of what is going on in Wisconsin was the sound mixer winner. Only other political statement was from "Inside Job" winner. Not the same Hollywood.

Submitted by Schmoo on

Of all the big Financial Firms, we might get the lower folks to turn on the Top Dogs.

But that would take having a Justice Department, SEC, and other people who head the "Watchdog Agencies" actually interested in seeing Justice done.

Probably ain't gonna happen.

In some obscure South American resort town, Kenneth Lay, with his new face, is laughing his head off.