"Stockton is not Bell — we found no evidence that corruption and self-dealing drove this city into insolvency," [state Controller John] Chiang said in a statement, referring to the Los Angeles suburb whose municipal leaders looted millions of dollars from its treasury. "Instead," Chiang wrote, "many of Stockton's problems can be tracked to poor decision-making that was not only ill-informed by weak accounting and fiscal management systems, but failed to heed downward-trending data that should have curbed spending and borrowing decisions." [AP]
Related Posts
Maybe We Should Just Let the Banks Write Their Own Loan Loss Accounting Rules
- Caleb Newquist
- March 18, 2013
Banks really appreciate the effort to move away from the recognition of losses as they […]
WFT Has Another WTF Moment with Its Tax Accounting
- Caleb Newquist
- February 21, 2012
Remember Weatherford International? That's the company whose internal controls (or lack thereof) led to $500 […]
American Realty Capital: Nothing to See Here Except Some Weak Internal Controls
- Caleb Newquist
- March 2, 2015
American Realty Capital Properites reported the results of its internal investigation into accounting irregularities and SURPRISE, […]