When accounting goes unaccounted for
“We’re lying to ourselves and our children if we say we can maintain our current levels of entitlement spending, defense spending, and taxation without bankrupting our country.”
~ House Majority Leader Steny Hoyer (D-MD) would prefer that everyone quit lying.
“[E]liminate all use of off-balance sheet accounting–for any use whatsoever. Everything must be on balance sheet.”
~ Harry Markopolos, on one aspect of financial reform.
Chief Financial Officer Patrick Pichette on Thursday downplayed the competitive threat from social-networking giant Facebook Inc., arguing that the digital economy will create a “ton of winners.” “Everybody will benefit if the Web is more social,” he said. “It’s not a zero sum game.” [Dow Jones]
“KPMG is obviously such a vast business that it could probably survive nuclear war.” — […]