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Non-Tech : The ENRON Scandal
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To: Mephisto who wrote (1875)1/30/2002 6:53:26 PM
From: JBTFD  Read Replies (2) of 5185
 
<<Enron's risk management manual stated the following: "Reported earnings follow the rules and principles of accounting. The results do not always create measures consistent with underlying economics. However, corporate management's performance is generally measured by accounting income, not underlying economics. Risk management strategies are therefore directed at accounting rather than economic performance." This alarming statement is representative of the accounting-driven focus of U.S. managers generally, who all too frequently have little interest in maintaining controls to monitor their firm's economic realities.>>

I think trust will take a while to earn back when the public starts to understand more about the "financial engineering" tricks companies now use, legally.
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