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

To: Bank Holding Company who wrote (192756)	3/23/2009 8:33:38 PM
From: John Koligman	Read Replies (1) \| Respond to of 306849

I found this comment from Jim Chanos in the current issue of Newsweek interesting... John Jim Chanos: In 1998 Business Week put out a survey, after canvassing the chief financial officers [of the S&P 500 companies] anonymously. They were asked if they were ever asked by their superiors to materially falsify financial results. And the answer was stunning. Forty-five percent said they were asked to do so, but didn't, 12 percent said they were asked and did, and 33 percent said they were never asked. So at the time, 10 years ago, two thirds of CFOs had been asked to cook the books. It's the main reason I have a business [shorting stocks] that I feel will continue to prosper no matter what the markets do.