BFT: Will the tulip craze ever break down? Message Board

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Strategies & Market Trends : BFT: Will the tulip craze ever break down?

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To: put2rich who wrote (199)	3/27/1998 7:44:00 PM
From: Pancho Villa	of 650

Interesting from last week's Barron's which I am reading now as I was driving back from florida last weekend: Mickey Mouse Accounting - Abraham J. Briloff Using creative bookkeeping that has gone undetected until now, Disney has significantly enhanced its earnings. Is the game about over? interactive.wsj.com Guess which frim has a surprissing appearence in the piece on Mickey Mouse Accounting at Disney?: Striking, too, is the dramatic divergence between Disney's assessment of the fair value of Cap Cities/ABC's net tangible assets and the balance sheet developed for the network by Ernst & Young its independent certified public accountants, as of December 31, 1995 -- just 40 days prior to the closing of the merger. Indeed, Disney put Cap Cities/ABC's shareholder equity on the financial equivalent of a miracle diet, making the TV network's $4.5 billion of pre-acquisition shareholders' equity essentially disappear in the translation onto Disney's books. Does anyone recognize the accounting firm? Pancho

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