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The FBI is reportedly investigating H-P's (HPQ) accusations of accounting improprieties at...

The FBI is reportedly investigating H-P's (HPQ) accusations of accounting improprieties at Autonomy prior to H-P buying it and for which the company took an $8.8B charge in FQ4. The feds are responding to a request from the SEC after H-P brought its claims to the regulator. Don't be surprised if more government agencies jump onto the investigative bandwagon.
Comments (3)
  • Eddie B
    , contributor
    Comments (20) | Send Message
     
    Sounds like politics may be running the FBI...the Current CEO a Republican ran for office in California...and Atty Gen'l Holder may be using his club to try and destroy her...or at least embarrass her... Yet, the same FBI couldn't establish who in Holder's office was responsible for Fast and Furious, when the guy was 3 doors down the hall from him..and then couldn't establish a Terrorist attack had occurred in Bengazi for two weeks... the FBI has lost much of its credibility in the past, first with the Lab scandal and now with its political role as a scare tactic and running interference for election day by not reporting the CIA scandal....until after election day......
    21 Nov 2012, 09:05 AM Reply Like
  • Greenspanblows
    , contributor
    Comments (148) | Send Message
     
    The problem is much more widespread than anyone imagines. It all stems back to accounting and GAAP. In order to create loopholes for the mega-rich, GAAP allows $1 received as revenues to be accounted for in about 20 different ways. This is why Jeff Skilling was able to create SPV's at Enron and inflate their earnings to the moon and Arthur Anderson would give them a clean audit each and every time.

     

    The accounting industry is an absolute joke. Accounting methods are created out of thin air constantly to supposedly keep up with changing technological advances. Every major company listed on an exchange massages earnings and manipulates accounting methods to their advantage. Of course the offenses range from criminal and negligence to just picking one of the many accounting methods to make your earnings look as good as possible.

     

    How about some accounting reform? This will level the playing field and make it easier to compare companies as we would know they are all using the same methods within the same sector.
    21 Nov 2012, 09:49 AM Reply Like
  • David Urban
    , contributor
    Comments (1036) | Send Message
     
    You think it is bad now? Wait until IFRS is implemented.
    21 Nov 2012, 10:16 AM Reply Like
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