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September 25, 2023

Footnotes: HP Overflow; The Unflappable Norquist; A “High School Buddies” Scam | 11.20.12

Hewlett-Packard’s Explanation Just Makes No Sense HP is writing down some of that goodwill and blaming it on supposed financial-reporting improprieties by Autonomy. This also doesn’t make sense. HP didn’t record the goodwill because it was lied to by Autonomy. HP recorded the goodwill because it knew Autonomy’s identifiable assets were worth much less than it paid. [Jon Weil/Bloomberg]

Hewlett-Packard's Autonomy Allegations: A Material Writedown Puts All Four Audit Firms On The Spot [Francine McKenna/Forbes]

Inevitably, eventually, Autonomy HP might have avoided the need for such forensic autopsies by reading a decade’s worth of research questioning Autonomy’s revenue recognition, organic growth and seemingly flexible definition of a contract sale. It might have avoided all this awkwardness by listening to Oracle’s Larry Ellison, who last year browsed through Autonomy’s sales brochure and decided his money was better spent on the Hawaiian island of Lanai. [FT Alphaville]

H-P’s Deal Process Bypassed CFO Pre-Whitman [CFOJ]

HP’s Accounting Claims Are Seen as Cover for Bad Deals [Bloomberg]

Norquist: Senate Democrats up in 2014 are ‘hostages’ in year-end tax battle [The Hill]

Connection To A Company Called “Yeah Baby” Not Even The Best Part Of “High School Buddies” Insider Trading Scam [DB]

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