If you aren’t familiar with him, John J. Ray III oversaw Enron’s liquidation many years […]
“[R]eally, when you get down to it, the guys at Enron never would have done this. This is so blatant, so extreme,” Gates said of state governments’ accounting practices generally. “Is anyone paying attention to some of the things these guys do? They borrow money — they’re not supposed to, but they figure out a way — they make you pay more in withholding to help their cashflow out, they sell off the assets, they defer the payments, they sell off the revenues from tobacco.” [HuffPo]
If you want to call attention to bullshit political games, we humbly suggest, “bullshit political games.” Not this:
“This is a huge loophole for Enron-type accounting … In the rule they pass tomorrow they are going to reiterate that the chair of the budget committee has the authority to come up with his own estimate of the budget impact of various pieces of legislation.”
So aggressive revenue recognition, abusing mark-to-market accounting and SPEs = marginalizing the Congressional Budget Office. Got it?