Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: tejek who wrote (148322)	7/15/2002 3:17:07 PM
From: i-node	Read Replies (1) \| Respond to of 1575906

Well, if only these issues surrounding Bush and Cheney were so minor. The day there is a bonafide accounting or business scandal involving Bush or Cheney I'll be first in line, right here, to condemn it. But all I've seen so far are reflective of squeaky clean behavior. It is apparent that the Harken situation is just a liberal attempt to create a scandal where there is none. It is been investigated, re-investigated, and re-re-investigated. There is no "There" "There". As to Haliburton, it is highly doubtful that the amounts involved are even material -- meaning that, assuming, arguendo, that a misstatement occurred, I doubt it is substantial enough to require an audit exception of any kind. Fundamental accounting principles require that amounts that financial statements be materially correct. The misstatements of $49M and $89M for these two years really may not be considered significant for this purpose, given the size of the company and the nature of the transactions. That's not to say you ignore these adjustments when you find them, but they may be simply too small in amount, when compared with revenue and assets, to be concerned about. A $100M misstatement when gross revenues were $12B really would be insignificant (0.8%). Also, one must keep in mind these errors would be self-correcting over the life of the contract, making them even less important. Bottom line: It appears highly unlikely Haliburton did anything wrong in the respect; at worst, they have inadvertently failed to disclose an insignficant change in accounting method. Once this conclusion is drawn, one must ask the question: "WHY IS THIS SUCH BIG NEWS"? Answer: Democrats have no issues, so they're trying to create one.