These areas are not very exciting, just very important. Business men can do it. Those who can't are economists, the ones who tell their betters how to run their lives. That is why I put business before economists; they are the dangerous ones. Actually big business can be evil too. The Fat Four are bent; they prove that audits are a smokescreen used to defraud the shareholders. See e.g. KPMG Auditors Did Not Notice Rolls-Royce Bribery or Auditor Did Not Notice £250 Million Fraudulent Profit In Tesco Accounts.
The Koch Brothers
Are seriously rich, libertarians & hated.
US trade deficit widens in August to $59 billion [ 14 October 2005 ]
George Bush is spending money like it going out of fashion. So are Americans. It going out of fashion for that reason.
The IMF Has Lost Its Influence [ 12 October 2005 ]
The International Monetary Fund had power and it could screw the peasants into the ground. They did it once too often. The Argies told them to go to the Devil and that was them under control. The Argies are even sorting themselves by ignoring the IMF demands.
The American Economy is Destroying Itself [ 26 August 2005 ]
Accountants and managers are driving jobs offshore and with them the men who have the background to innovate. Innovation from offshore means the death of the goose that lays the golden egg and keeps accountants off the dole queue. Thus quoth a real economist.
Killing the dollar in Iran [ 26 August 2005 ]
George and his peculiar friends are leaning on Iran. If they stop trading oil in dollars it will save a lot of money worldwide and hurt America. Other commodities could be traded in Euros too. Saddam Hussein was going down this road then the Americans invaded. Cause and effect?
KPMG Auditors Did Not Notice Rolls-Royce Bribery [ 24 January 2017 ]
The accountancy giant that signed off Rolls-Royce accounts while it bribed its way around the world is now facing its own investigation. KPMG was the auditor for Rolls-Royce during almost all of the 24-year period in which employees secretly paid off middlemen and officials in 11 developing countries to win lucrative business.
Last week Rolls agreed to pay £671-million in total to UK, US and Brazilian authorities to settle the allegations of bribery, false accounting and corruption from 1989 to 2013 in countries including Russia, Iraq and China..........
Rolls-Royce is thought to have made around £250 million from the corrupt deals over which it has agreed to an £497.25-million settlement with the Serious Fraud Office (SO).
This shows that audits are pretty much a waste of time. Recall that Arthur Andersen auditors didn't notice that Enron [ the Crooked E ] was indulging in multigigabuck fraud. They disappeared just like Enron.
HBOS Banker Stole £245 Million [31 January 2017 ]
It was with a little help from his friends. They had lotsa fun spending it. You might wonder from the mugshots how they ever got off the dole queue.
Auditor Did Not Notice £250 Million Fraudulent Profit In Tesco Accounts [ 29 September 2017 ]
Three 'dishonest' former Tesco bosses 'cooked the books' so the supermarket could 'grossly exaggerate' profits to the stock market by £263million and save their mega-salary jobs, a court heard today. Carl Rogberg, 50, Chris Bush, 51, and John Scouler, 49, are alleged to have led the 'white collar crime' plot which eventually wiped £2billion off the total share value of Britain's biggest retailer.
The supermarket's former finance chief, managing director and food commercial head were investigated after Tesco was found to have boosted its profits, which sent 'shock waves' through the stock market, Southwark Crown Court heard. Prosecutor Sasha Wass QC said the case 'boiled down' to the men 'cooking the books' in an attempt to save their multi-million-pound jobs and huge salaries amounting to £5.5million between them in 2014.
The men are charged with fraud by abuse of position and false accounting between February and September that year.
Company accounts are designed to conceal not reveal. It worked for Enron.
Ludwig von Mises Institute
There are two kinds of economists, Austrian and rubbish. Ludwig was an Austrian economist. Worth a look sometimes.
The spice trade was interesting, stimulating, challenging, exciting, dangerous, an excuse for murder, invasions, fraud and very profitable for the lucky, vigorous, unscrupulous or lucky.
Errors & omissions,
broken links, cock ups, over-emphasis, malice [ real or imaginary ] or whatever;
if you find any I am open to comment.
Email me at Mike Emery. All financial contributions are cheerfully accepted. If you want to keep it private, use my PGP Key. Home Page
Updated on Saturday, 14 October 2017 13:40:58