When accounting goes unaccounted for
“Efforts to manage the size of our balance sheet are routine and appropriate, and we believe our actions are consistent with all applicable accounting and legal requirements.”
~ Bank of America statement on the allegations that they engaged in balance sheet manipulation. A statement not so different from Ernst & Young’s on their final audit of Lehman Brothers.
“Ever since the tax cuts were enacted in 2001 and 2003, policy makers have known the law would expire at the end of 2010. That ‘drop dead’ date offered an auspicious way to galvanize a systematic effort to reform a tax system that is badly in need of repair. Instead, policy makers pretty much ignored the issue until just before the 2010 Congressional recess, when politically tinged efforts to extend some or all of the tax cuts finally began — a ‘debate’ that was too little, too narrow, and too late.”
~ William G. Gale, Miller Chair at the Brookings Institution and co-director of the Urban-Brookings Tax Policy Center
“Every time she touches a balance sheet, she leaves behind a tral [sic] of tax liens and penalties. If Rep. Haley really is an accountant, she is as incompetent as her mentor is at job recruitment.”
~ Trav Robertson, spokesman for South Carolina Gubernatorial candidate Vincent Sheheen, is talking out of his ass a little but the jab at Mark Sanford is duly noted.
“If you were the head of audit at one of the Big Four and you […]