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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: CalculatedRisk who wrote (90928)	10/1/2007 3:13:45 PM
From: Travis_Bickle	Respond to of 306849

You got a mention in portfolio magazine (pass mouse over "nichebloggers"). portfolio.com All in all three SI'ers got mentions.

To: CalculatedRisk who wrote (90928)	10/1/2007 10:35:24 PM
From: Lizzie Tudor	Read Replies (2) \| Respond to of 306849

calculated, would you (or anyone on this thread) happen to know the details of the fraud that was uncovered at Cendant which caused the Chairman to be convicted? Today he lost his appeal and is going to jail for 12 years and charged 3 billion (of his personal money I guess). There is no time off for good behavior in federal penetentiary so I guess he will die there. reuters.com Here is an old article from 98 about the fraud and some specifics: The report does not directly accuse Forbes of fraud. Rather, in one of its central findings, the auditing committee asserts that the failure of Forbes and of CUC's former president and chief operating officer, E. Kirk Shelton, to check the abuses amounted to grave negligence at best and willful ignorance at worst. CUC apparently intended to use a portion of the reserve established in connection with its merger with HFS in December 1997 to unlawfully increase earnings in 1998 and possibly in future periods as well. money.cnn.com What I am trying to figure out is whether the feds are now criminalizing the common practice of "cookie jar accounting" which EVERYBODY DID in the 90s and was preferred among analysts. The bullets above read like that. Personally I think the SEC and DOJ are way overreaching these days calling everything criminal. But I am not familiar with Cendant and how it did business. Was this a real case of saying you took in one million and you didn't... or just another case of moving revenue around from one RESERVE bucket to another?