Via Going Concern: Accounting “Irregularities” or Total Fraud?
On Friday I did a post for Jr Deputy Accountant on Accounting "Irregularities" on the Rise in the Recession after I saw a piece on Reuters about battered financial statements:
Corporate balance sheets may be showing signs of the wear and tear from the prolonged U.S. recession as accounting irregularities are starting to surface at growing numbers of U.S. companies.
Going Concern also covered this so it’s been decided by the blogosphere that this one deserves your attention.
Friend of both yours truly and Going Concern, Financial Armageddon’s Michael Panzner caught this tale and tied it in to one he’d done the day before on banking shenanigans.
Worse, large banks [or rather Regions Financial (RF)] are willing to lend to bankrupt municipalities and bank regulators will not step in and say “Hey, WTF are you doing?” (yes, I’m talking to you, Atlanta Fed). This is your bank and it’s quite obvious even to the common man what they are doing - you don’t loan money to someone who has no money and has not paid their sewer bill in 16 months. Red flag!
Read the rest at Going Concern: Accounting ‘Irregularities’ or Total Fraud? It's ugly, sorry.