"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
Nice Neighborhood Dad Named New FASB Chairman
- Caleb Newquist
- April 23, 2013
Russell Golden will be your new FASB Chairman effective July 1st. He's been at the […]
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 […]
Toshiba Restating, Concedes That Restatement Could Be Restated
- Caleb Newquist
- May 13, 2015
A "special task force" assigned by Toshiba Corp to look into accounting irregularities found that […]