Do you ever think this disaster might have been avoided if Clinton's SEC Chairman Levitt had succeeded in his campaign to tighten accounting standards, and treat options as expenses... instead of being defeated by industry lap dogs like Pitt (and DeLay, and Gramm, and Liberman, etc.)?
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I know Weiss's work on timing. Good, solid statistical work.
"Martin Weiss, chairman of Weiss Ratings Inc. in Palm Beach Gardens, Fla. , said his firm looked at auditors' performance from Jan. 1, 2001 , through June 30, 2002 , in warning the public of accounting problems and in warning of bankruptcies.
In his report released Wednesday, Weiss said auditors "gave a clean bill of health" to 94% of public companies he reviewed that were involved in accounting problems.
Weiss also found that auditors labeled as healthy 42% of companies that later filed for bankruptcy." |
