Tuesday, April 06, 2010

White House Wants Accounting Fraud ?

Maybe I just do not understand the introduction of George Orwell's "Newspeak" to the politico-economic discourse in Obama's America.

Recently, this corner of the web pointed out that Rep. Henry Waxman was threatening and extorting several large U.S. companies because they were complying with Security and Exchange Commission rules by "warning"of accounting "writedowns": they were initiating in expectation of "hits" from Obamacare.

These anticipated liabilities for AT&T, Cattepillar, Deere, and others were in the $1.5 billion range. Since then others have announced similar action, among them, Verizon, with nearly a nother $1 billion projected debit.

Now, Secretary of Commerce Gary Locke has attacked the corporations.

For obeyinmg the securities law. http://tinyurl.com/ycf8mgd.

Now we are back where we began this whole economic slide. Remember Enron Corporation ? The sort of shabby "hide-the-pea-under-another- shell" accounting that Enron treateded as de rigieur is what Locke and the administration seems to be calling for.

Is this the rule for accounting practices now in government ? Woulkd the General Accountability Office or the Congressional Budget Office do this as a regular thing ?

Are we going to have a Waxman-and-Locke push for "hide the truth or else"???!!!

Just asking.....

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