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October 20, 2011 @ 07:08 AM
dead7

Post: 13403

Join Date: Mar 2010

Location: The Valley of Killa...

What America is experiencing is really just capitalism at its most brutal. Being upset at big business for doing what they set out to do is silly. The only real complaint i see is how our tax dollars are being spent.

If u were expecting capitalism to be fair... lulz @ u
October 20, 2011 @ 10:49 AM
CHOPZZBISCUIT

Post: 4363

Join Date: Jan 2010

Location: KALI4NIA

^ it's not about that. It's about reforming so these crooks will face crucial consequences like the rest of us if they fuck up.

it's about multi-corporations being able to control the politicians who have the power to change laws.

They hire MANY MANY lobbyists with ALOT OF $$$ to make laws or abolish the restrictions in their own favors.

For example, the tobacco & alcohol companies spending millions of $$ to keep cannabis illegalized.

Also the big oil companies getting away with exploitating the shit out of the natural environment or Monsanto being able to actually own the fucking genetically modified plants so the farmers are forced to buy seeds every fucking year. [they designed the plants to die after a season]



u see what im saying here?

i like the idea of free market too. dont get me wrong.

Kayv: pull bitches, not triggers. throw parties, not fists. futurebass : my mom said life is like a box of kimchi. chopzz.tumblr.com

October 20, 2011 @ 02:53 PM
kiIogram

Post: 95

Join Date: Dec 2012

Location: Gaza

<p>What America is experiencing is really just capitalism at its most brutal. Being upset at big business for doing what they set out to do is silly. The only real complaint i see is how our tax dollars are being spent.</p>
<p>If u were expecting capitalism to be fair… lulz @ u</p>


You are absolutely wrong in thinking that what happened is a result of capitalism. You seem to have forgotten or be unaware of the fact that once these giant banks went bankrupt, that they received BILLIONS OF DOLLARS FROM THE GOVERNMENT, which ultimately comes from taxpayers. In a capitalist society, these banks would have been left to rot, and be replaced with banks who don't throw their customers money around like monkeys throwing shit around a zoo. This is a system of privatized gains, socialized losses.

"Oh, I've just been alerted to the fact that I could have been making thousands of more dollars over the past few years! And instead of making more money, I'll give my money to the motherfucking banks that caused the whole mess! STUPID FUCKING HIPPIES GET A JOB!"

ZERO fucking accountability. NO investigation. Not a single person put in jail. Other than the hundreds who are protesting this shit.

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October 20, 2011 @ 03:02 PM
frizurd

Post: 587

Join Date: Oct 2007



amazing video
must watch

http://thatfix.com/ -- Your daily hip-hop & electronic music fix.

October 20, 2011 @ 03:46 PM
Knives

Post: 863

Join Date: Jul 2009

Location: BROOKLYN



All the protesters just need to come to this

https://twitter.com/Animall_Mother

October 20, 2011 @ 04:20 PM
dead7

Post: 13403

Join Date: Mar 2010

Location: The Valley of Killa...

<p>^ it’s not about that. It’s about reforming so these crooks will face crucial consequences like the rest of us if they fuck up.</p>
<p>it’s about multi-corporations being able to control the politicians who have the power to change laws.</p>
<p>They hire MANY MANY lobbyists with ALOT OF $$$ to make laws or abolish the restrictions in their own favors.</p>
<p>For example, the tobacco &amp; alcohol companies spending millions of $$ to keep cannabis illegalized.</p>
<p>Also the big oil companies getting away with exploitating the shit out of the natural environment or Monsanto being able to actually own the fucking genetically modified plants so the farmers are forced to buy seeds every fucking year. [they designed the plants to die after a season] </p>
<p><img src="http://26.media.tumblr.com/tumblr_lt259pGI8r1qbogplo1_500.png"></p>
<p>u see what im saying here?</p>
<p>i like the idea of free market too. dont get me wrong.</p>
<p>
</p><blockquote>
<div class="quote-info">
<div class="quote-from">Originally posted by
<div class="quote-name">dead7</div>
</div>
</div>
<div class="quote-content">
<p>What America is experiencing is really just capitalism at its most brutal. Being upset at big business for doing what they set out to do is silly. The only real complaint i see is how our tax dollars are being spent.</p>
<p></p>
<p>If u were expecting capitalism to be fair… lulz @ u</p>
</div>
</blockquote>
<p>You are absolutely wrong in thinking that what happened is a result of capitalism. You seem to have forgotten or be unaware of the fact that once these giant banks went bankrupt, that they received BILLIONS OF DOLLARS FROM THE GOVERNMENT, which ultimately comes from taxpayers. In a capitalist society, these banks would have been left to rot, and be replaced with banks who don’t throw their customers money around like monkeys throwing shit around a zoo. This is a system of privatized ......


like said the only real complaint is what is being doe/has been done with tax payer money. If you are trying to find fault in a business increasing its profit margin, i suggest taking/retaking a business class.

What its sounds to me like you guys want is morality in big business... good luck with that. Capitalism is about winners and losers, always has been. The greatest achievement of the right was convincing every American that they can win if they work hard. Which is a complete lie.

This growing gap in our class based society is an inevitability and the reason many economist believe pure capitalism is unsustainable. A few SMALL injections of "market socialism" might do us some good. (i'm against this however) lolz
October 20, 2011 @ 05:45 PM
kiIogram

Post: 95

Join Date: Dec 2012

Location: Gaza

I'm trying to understand what your stance on this whole thing is, but I'm seriously struggling.

I never said anything about business increasing its profit margin.

Once again, I have to reiterate that this is not a capitalist society. In a capitalist society, when a business fails, it is an indication that it is poorly run, its services are not needed, there are better alternatives, etc. In a capitalist society, when a business fails, it does NOT receive money from the government to keep running. In a capitalist society, the government has no say in how businesses run and does not regulate businesses.

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October 20, 2011 @ 06:02 PM
backson

Post: 375

Join Date: Aug 2010

like said the only real complaint is what is being doe/has been done with tax payer money. If you are trying to find fault in a business increasing its profit margin, i suggest taking/retaking a business class.


the point i agree with from the ows crew is the corporations and their leaders being allowed to bend the rules and get off scott free or bailed out. the general consumer would be locked up for fraud if they attempted to cook their financial books and failed to disclose information like the corporations did. the lack of accountability and repercussions is worth being angry about.

What its sounds to me like you guys want is morality in big business… good luck with that. Capitalism is about winners and losers, always has been. The greatest achievement of the right was convincing every American that they can win if they work hard. Which is a complete lie.


i wouldn't say it's a complete lie, but it's definitely misleading. there's so much more to being successful than working hard. lots of schmoozing, being connected, and being in the right place at the right time. and i'd say both the right and left are guilty of perverting the "American dream". both sides try to patronize the public for their own benefit.

i also think it's ironic how the dems are trying to claim the ows movement and energize their base, when they're under the covers getting busy with the same corporations/banks the ows crowd is protesting against.
October 20, 2011 @ 07:53 PM
dead7

Post: 13403

Join Date: Mar 2010

Location: The Valley of Killa...

<p>I’m trying to understand what your stance on this whole thing is, but I’m seriously struggling.</p>
<p>I never said anything about business increasing its profit margin. </p>
<p>Once again, I have to reiterate that this is not a capitalist society. In a capitalist society, when a business fails, it is an indication that it is poorly run, its services are not needed, there are better alternatives, etc. In a capitalist society, when a business fails, it does NOT receive money from the government to keep running. In a capitalist society, the government has no say in how businesses run and does not regulate businesses.</p>


You basically agree with me then. i am saying the only real valid complaint i have heard from the ows crowd is what is the mismanagement of tax payer money.(bailouts) Not big business itself, which is why they should be in Washington not wall street.

I run a business, employ roughly 30 people give or take and I can tell you even with this level of unemployment the people looking for jobs are absolutely worthless. I literally have to interview 100 people to get 10 decent people and maybe 1-2 of those will actually work out. The majority of the people I have met, employed and interacted with want more money for doing less work and a all around shitty job.

The jobs are out there trust me... It is just that people have been fooled through the various bubbles over the years and what they see in the media and on TV that everyone should be in a million dollar house with 3 cars and a vacation home some where. Gone are the days of a good honest hard working job that makes decent money and you can live a "good" life. It seems only immigrants understand this now.
October 20, 2011 @ 08:02 PM
dead7

Post: 13403

Join Date: Mar 2010

Location: The Valley of Killa...


<p>the point i agree with from the ows crew is the corporations and their leaders being allowed to bend the rules and get off scott free or bailed out. the general consumer would be locked up for fraud if they attempted to cook their financial books and failed to disclose information like the corporations did. the lack of accountability and repercussions is worth being angry about.</p>
.

i have yet to hear which law was broken by these "corporations"(not saying none were, just that i haven't heard any). if they are in fact committing crimes ... then this is a whole different issue at play and protesters should be filing suits against them. Hell i will if you give me the information.

ows is a great idea unfortunately just like anything the left does is horribly managed. logistics and giving catchy meaningful names is something the right always dominates. I am all for the protests and even saw them when I was in philly over the weekend. shit is going down all around the world, italy, england germany etc... and its not even the 1% technically its the .03% that has seen the unprecedented growth while downsizing domestically and shipping jobs out over seas. cant blame em, at the end of the day getting your goods made for the cheapest price is just good business. [sadface]
October 21, 2011 @ 02:52 PM
backson

Post: 375

Join Date: Aug 2010

<p>
</p><blockquote>
<div class="quote-info">
<div class="quote-from">Originally posted by
<div class="quote-name">BzB</div>
</div>
</div>
<div class="quote-content"><p></p>
<p>the point i agree with from the ows crew is the corporations and their leaders being allowed to bend the rules and get off scott free or bailed out. the general consumer would be locked up for fraud if they attempted to cook their financial books and failed to disclose information like the corporations did. the lack of accountability and repercussions is worth being angry about.</p>
<p>
.</p></div>
</blockquote>
<p>
i have yet to hear which law was broken by these “corporations”(not saying none were, just that i haven’t heard any). if they are in fact committing crimes … then this is a whole different issue at play and protesters should be filing suits against them. Hell i will if you give me the information.</p>
<p>ows is a great idea unfortunately just like anything the left does is ......


proof of fiduciary laws/responsibility that have been or are being broken isn't easy to get. why? because the government hasn't required these corporations to provide open accounting of their finances. it's obvious these banks/corps were manipulating the market (which contributed to the financial failure) and cooking their books all while their execs were pocketing even bigger paychecks and bonuses. then they turn around and asked the gov to bail them out. doesn't smell fishy to you?

corporate law is already convoluted, but add to that it's different in almost every state and the different type of shelters available and it's easy for them to take advantage of the unwillingness or inability of the gov to hold them accountable. i can see why lots of people are mad. if i'm trying to get a loan right now i damn near have to submit to a bodily cavity search to get a dime. yet the gov did a piss poor job of holding these businesses accountable for how they got into the mess or what they did with the bailout funds.

in the end i don't think the ows protest will do much other than allow people to vent, but politicians and the media like to rile things up. ows doesn't hold any political power like the tea party does so i doubt they'll get much done in the way of holding wall street accountable for what they're doing with our money.
October 21, 2011 @ 04:39 PM
kilogram

Post: 1540

Join Date: Aug 2009

Location: Gaza

It's fucked up that these protests are literally happening all over the world for the same reason, and the government has done almost nothing to acknowledge it, other than arresting hundreds of people and trying to suppress it. The government doesn't want an active participation of its citizens in democracy, it literally does not matter at all what we ask for. The Obama administration added the online petition feature to the White House website, and stated that any petition that received 5000 signatures within a month would be considered. In less than a month, the petition to legalize and regulate marijuana in a similar manner to alcohol has over 50,000 signatures in less than a month, making it the highest rated petition on the site. Obama's response? To crack down on medical marijuana and dispensaries in California.

At this point, I can really see no political candidate that will cater to the needs of citizens without exorbitant sums of money. It does not matter at all what sort of campaign promises they make, because as we've seen, President Obama's biggest critic would be Senator Obama from 4 years ago.
October 21, 2011 @ 04:43 PM
Homes

Post: 509

Join Date: Oct 2008

Location: Seattle

Ok quoting is not working for some reason... to BzB:

what do you mean the government hasn't required corporations to provide "open accounting of their finances"? You realize all companies are required every year to submit to external auditing? It's how Enron got caught. Sarbanes-Oxley was passed making it even more strict. How is it obvious that they are "cooking their books"?
October 21, 2011 @ 06:46 PM
backson

Post: 375

Join Date: Aug 2010

<p>Ok quoting is not working for some reason… to BzB:</p>
<p>what do you mean the government hasn’t required corporations to provide “open accounting of their finances”? You realize all companies are required every year to submit to external auditing? It’s how Enron got caught. Sarbanes-Oxley was passed making it even more strict. How is it obvious that they are “cooking their books”?</p>


ironically enron is a perfect example of how corporations get away with the type of "corporate fraud" i'm referring to. enron was funneling money to offshore accounts for private use, cooking their books, overstating earnings, etc for almost a decade before they started to unravel and were forced to declare bankruptcy. it was only then that people found out how deep the rabbit hole went and the gov opened an investigation. for all those years prior to that, they were doing whatever the hell they wanted with no oversight.

btw only some provisions of sox apply to privately held companies. many of these corporations have shell companies, offshore subsidiaries, etc that can basically still be doing some of the the same things today that enron was doing 20 years ago. the problem isn't really fixed...
October 21, 2011 @ 09:02 PM
Homes

Post: 509

Join Date: Oct 2008

Location: Seattle

It's not really ironic, I was pointing out that Enron did it, and they got caught. They were a huge corporation with plenty of money in the government. So why wouldn't the corporations today get busted?

OK but SOX is doing more than the laws were before Enron was caught, and even then they couldn't pull it off. I'm asking why you think it's "obvious" that they are cooking their books, considering that they are audtied by highly knowledgable CPAs every year...
October 21, 2011 @ 09:22 PM
backson

Post: 375

Join Date: Aug 2010

you keep bringing up enron and i keep pointing to them as an example of how corporations can move money around to reflect what they want on their balance sheets. especially if you have an accounting or auditing firm that can help with this. not common, but very possible. have you gone back and read about how enron pulled it off for as long as they did and why they actually got caught?

again, sox mainly impacts publicly traded companies. public companies can own private companies and vice versa, making the whole thing just as convoluted as i mentioned before. to me it's obvious that some of these banking institutions and corporations knew what was up because of their unscrupulous practices. when they knew they were going under they sacrificed some of their subsidiaries (by dumping bad investments and finances in those side businesses/banks) and damn near tanked businesses on purpose. then the businesses they really wanted to keep running benefited from the bailout while the others simply closed down and went away. write off. they had gov insiders and knew the bailout would need to happen to keep the economy from completely crashing. we hit a recession anyway, but then the execs took huge paydays on their way out.

^ trying to get out of work and beat traffic so that's really quick and dirty response. might have left a few things out.
October 21, 2011 @ 09:56 PM
Blunted at birth.

Post: 94

Join Date: Dec 2010

Location: Greater Los Angeles

cot damn, bzb dropping knowledge.
October 21, 2011 @ 10:10 PM
Alejo

Post: 172

Join Date: Jul 2008

Pretty apparent bzb isn't leaving his job at the CPA firm. Public companies (I.e the banks) have to report on their books any subsidiaries which they have control over (control of which can be determined a multitude of ways). Not to mention banks file a FR 2314 with the Federal Reserve.
October 21, 2011 @ 11:10 PM
Homes

Post: 509

Join Date: Oct 2008

Location: Seattle

<p>you keep bringing up enron and i keep pointing to them as an example of how corporations can move money around to reflect what they want on their balance sheets. especially if you have an accounting or auditing firm that can help with this. not common, but very possible. have you gone back and read about how enron pulled it off for as long as they did and why they actually got caught? </p>
<p>again, sox mainly impacts publicly traded companies. public companies can own private companies and vice versa, making the whole thing just as convoluted as i mentioned before. to me it’s obvious that some of these banking institutions and corporations knew what was up because of their unscrupulous practices. when they knew they were going under they sacrificed some of their subsidiaries (by dumping bad investments and finances in those side businesses/banks) and damn near tanked businesses on purpose. then the businesses they really wanted to keep running ......

Yes, I know about Enron. I'm still not really sure what you're saying. You're saying that they wrongly dumped losses into their subsidiaries and didn't care if those were bankrupted/closed as a consequence? What is wrong with that? Or are you saying that it's wrong that those subsidiary dumps were essentially funded by the bailout money? Although I do agree with you about the point of the salaries and bonuses of the execs who were being paid American tax money. That was bullshit.
October 22, 2011 @ 12:38 AM
backson

Post: 375

Join Date: Aug 2010

<p>Pretty apparent bzb isn’t leaving his job at the CPA firm. Public companies (I.e the banks) have to report on their books any subsidiaries which they have control over (control of which can be determined a multitude of ways). Not to mention banks file a FR 2314 with the Federal Reserve.</p>


lol. not a cpa, but i did stay at a holiday in last week. ha! but yeah, doesn't take a cpa to know banks can still commit fraud regardless of what types of audits and documents they're required to complete. all it takes is falsifying corporate books, lying to a bunch of people and collusion with other execs in the bank to pull it off. sometimes they get caught, but almost of the time they don't get caught until way after the fact. some of these banks might still be on the lam because the feds haven't caught up with them yet, and they may not get caught because the bailout money allowed them to recoup and pull their pants up.
October 22, 2011 @ 12:48 AM
backson

Post: 375

Join Date: Aug 2010

Yes, I know about Enron. I’m still not really sure what you’re saying. You’re saying that they wrongly dumped losses into their subsidiaries and didn’t care if those were bankrupted/closed as a consequence? What is wrong with that? Or are you saying that it’s wrong that those subsidiary dumps were essentially funded by the bailout money? Although I do agree with you about the point of the salaries and bonuses of the execs who were being paid American tax money. That was bullshit..

partly yes to all the above. the problem with doing what you mentioned is that while this may not be completely illegal, it's definitely wrong and they should be held accountable for it. why? because they did all that dirty behind the back shit and not only got their businesses bailed out with our tax dollars, but took some home with them to put in their retirement funds, spend on their vacation homes, and pay for their hookers. dirty ass old men bending the rules, playing the gov and us with that bullshit. like i said, sometimes they get caught and sometimes they don't. either way it's too late because they already got our money and spent it up. and in return they didn't re-employ or even pay out severance to the people that lost their jobs, savings, homes, and livelihood as result. so yeah, i sympathize with the ows crew, but unfortunately i doubt they'll have much real impact with their movement.
October 22, 2011 @ 02:39 AM
donuts

Post: 16

Join Date: Jul 2009

Location: ca/ny

Enron used certain loopholes in GAAP which obviously were dangerous. not sure but i think they were basically recognizing future, but uncertain, revenue on the current p&l's to boost the stock price. obviously the accounting firm that audited them is no longer in business, despite being one of the "big 5". BZB is right in that nothing done relating to accounting was illegal - it was the shredding of documents that was.
sidenote - US like a retard is the only country to use GAAP but is changing to IFRS accounting which the rest of the world uses...

anyways like it was said before the bailout had to happen - the state of the economy right now is just a fraction of how bad it would be if those banks had been allowed to fail...is it fair? not at all. but it is what had to happen.
we are seeing investment banks being much more heavily regulated (which is a catch22 since the cost of accountants to comply with these new regulations are driving companies out of the US) and people do know there is no more prop trading right? people complain because the government has been "slow" to implement completely all these new laws like doddf and sabox but they need to allow time
October 22, 2011 @ 09:56 AM
CHOPZZBISCUIT

Post: 4363

Join Date: Jan 2010

Location: KALI4NIA

http://dailybail.com/home/behind-europes-debt-crisis-lurks-another-giant-bailout-of-wa.html
^ fairly short article. I strongly suggest yall to read this.




"That’s where Wall Street comes in. Big Wall Street banks have lent German and French banks a bundle.

The Street’s total exposure to the euro zone totals about $2.7 trillion. Its exposure to to France and Germany accounts for nearly half the total.

And it’s not just Wall Street’s loans to German and French banks that are worrisome. Wall Street has also insured or bet on all sorts of derivatives emanating from Europe – on energy, currency, interest rates, and foreign exchange swaps. If a German or French bank goes down, the ripple effects are incalculable.

Get it? Follow the money: If Greece goes down, investors start fleeing Ireland, Spain, Italy, and Portugal as well. All of this sends big French and German banks reeling. If one of these banks collapses, or show signs of major strain, Wall Street is in big trouble. Possibly even bigger trouble than it was in after Lehman Brothers went down.

That’s why shares of the biggest U.S. banks have been falling for the past month. Morgan Stanley closed Monday at its lowest since December 2008 – and the cost of insuring Morgan’s debt has jumped to levels not seen since November 2008.

It’s rumored that Morgan could lose as much as $30 billion if some French and German banks fail. (That’s from Federal Financial Institutions Examination Council, which tracks all cross-border exposure of major banks.)

$30 billion is roughly $2 billion more than the assets Morgan owns (in terms of current market capitalization.) "









* More derivatives from the Wall Street for the French & German banks that bailout'd country like Greece which is most likely to default sooner or later. When that happens it'll affect the entire EURO zone including the French & German banks which will then typhoon the entire global financial industry including U.S.A.

Hold on to your seats, more shit storm coming ahead of us. Possibly worse than the 2008 financial meltdown.

P.S. yo seriously fucking new layout fucking blows. it won't even fucking quote nor italic some of passages. THIS IS JUST A FUCKING FANCY TURD.

Kayv: pull bitches, not triggers. throw parties, not fists. futurebass : my mom said life is like a box of kimchi. chopzz.tumblr.com

October 22, 2011 @ 11:23 AM
damnwitless2

suspended

Post: 7236

Join Date: Sep 2008

Location: Bucktown, USA

lol so I finally went over there for the first time a few hours ago and yelled "Fuck you!" at all the sleeping dumbasses

All I do is smoke weed, blow lines, and listen to MF DOOM. And rap. http://www.facebook.com/SpacemanNYC

October 22, 2011 @ 03:24 PM
donuts

Post: 16

Join Date: Jul 2009

Location: ca/ny

<p><a href="http://dailybail.com/home/behind-europes-debt-crisis-lurks-another-giant-bailout-of-wa.html" rel="nofollow" target="_blank">http://dailybail.com/home/behind-europes-debt-crisis-lurks-another-giant-bailout-of-wa.html</a><br>
^ fairly short article. I strongly suggest yall to read this.</p>
<p>“That’s where Wall Street comes in. Big Wall Street banks have lent German and French banks a bundle.</p>
<p>The Street’s total exposure to the euro zone totals about $2.7 trillion. Its exposure to to France and Germany accounts for nearly half the total.</p>
<p>And it’s not just Wall Street’s loans to German and French banks that are worrisome. Wall Street has also insured or bet on all sorts of derivatives emanating from Europe – on energy, currency, interest rates, and foreign exchange swaps. If a German or French bank goes down, the ripple effects are incalculable.</p>
<p>Get it? Follow the money: If Greece goes down, investors start fleeing Ireland, Spain, ......


you have to be careful when reading extreme liberal website articles like this...same for conservative...take it with a grain of salt. the thing about europe is that no one knows Who owes Who and what. but germany and french are very strong countries are likely not to default on anything..even so, .morgan stanley is hedged with credit default swaps...if the economy tanks MS stands to make bank. but who knows what will happen if greece defaults...and the default of greece is pretty much inevitable. it has to happen and teh EU needs to be restructured (ie that is kick those poor countries out) you cant have the same monetary policies for a countries like england and germany for broke ass greece and italy
October 22, 2011 @ 03:41 PM
Alejo

Post: 172

Join Date: Jul 2008

<p>Enron used certain loopholes in GAAP which obviously were dangerous. not sure but i think they were basically recognizing future, but uncertain, revenue on the current p&l’s to boost the stock price. obviously the accounting firm that audited them is no longer in business, despite being one of the “big 5″. BZB is right in that nothing done relating to accounting was illegal – it was the shredding of documents that was. <br>
sidenote – US like a retard is the only country to use GAAP but is changing to IFRS accounting which the rest of the world uses…</p>
<p>anyways like it was said before the bailout had to happen – the state of the economy right now is just a fraction of how bad it would be if those banks had been allowed to fail…is it fair? not at all. but it is what had to happen.<br>
we are seeing investment banks being much more heavily regulated (which is a catch22 since the cost of accountants to comply with these new regulations are driving ......


Amazing how many board "CPAs" we have on here. The SEC has made no announcement on switching to IFRS, it is simply allowing foreign filers to submit their financial statements based on IFRS if they wish. I have a big doubt that IFRS ever makes it over here, and that's not exactly a bad thing.
October 22, 2011 @ 06:08 PM
donuts

Post: 16

Join Date: Jul 2009

Location: ca/ny

<p>
</p><blockquote>
<div class="quote-info">
<div class="quote-from">Originally posted by
<div class="quote-name">donuts</div>
</div>
</div>
<div class="quote-content">
<p>Enron used certain loopholes in GAAP which obviously were dangerous. not sure but i think they were basically recognizing future, but uncertain, revenue on the current p&amp;l’s to boost the stock price. obviously the accounting firm that audited them is no longer in business, despite being one of the “big 5″. BZB is right in that nothing done relating to accounting was illegal – it was the shredding of documents that was. </p>
<p>sidenote – US like a retard is the only country to use GAAP but is changing to IFRS accounting which the rest of the world uses…</p>
<p></p>
<p>anyways like it was said before the bailout had to happen – the state of the economy right now is just a fraction of how bad it would be if those banks had been allowed to fail…is it fair? not at all. but it is what had ......


1) not a CPA, we let those accountants sit in the back office and count those numbers

2) never said anything about SEC making it official...u are right but it is an overwhelming majority that want IFRS and thus are switching how they file. the differences between IFRS and gaap are not that big from what I know, but i think GAAP when allows for more arbitrary judgement when allocating things on ur income statement. also GAAP has proven to be more risk-reward - isnt this the mian problem? why would it not be a bad thing to have a universal accounting method? when you are valuating companies looking at their financial statements wouldnt it make sense to have one standard method, knowing exactly what kind of manipulative things this companies do
October 22, 2011 @ 11:21 PM
Homes

Post: 509

Join Date: Oct 2008

Location: Seattle

1) not a CPA, we let those accountants sit in the back office and count those numbers


lol.. and what do you do?
October 23, 2011 @ 12:24 AM
donuts

Post: 16

Join Date: Jul 2009

Location: ca/ny

M&A
October 23, 2011 @ 12:59 AM
Homes

Post: 509

Join Date: Oct 2008

Location: Seattle

why are you trying to shit on a cpa then

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