When accounting goes unaccounted for
“Though more needs to be done, we are seeing some signs of stabilization in the housing market, including house prices and sales in some key geographic areas.”
~ Charles Haldeman, CEO of Freddie Mac. The “more needs to be done” includes additional government funds.
“Efforts to manage the size of our balance sheet are routine and appropriate, and we believe our actions are consistent with all applicable accounting and legal requirements.”
~ Bank of America statement on the allegations that they engaged in balance sheet manipulation. A statement not so different from Ernst & Young’s on their final audit of Lehman Brothers.
“Then what we’ve done is lay a predicate for this next Congress to deal with where we have $3 of spending cuts for every dollar of revenue increase.”
“Charles Ponzi is now a footnote. They’re now Madoff schemes.” — Anthony Sabino, a defense […]