Of course CNBC would put this guy on TV today.
Asked whether lessons had been learned since Enron filed for bankruptcy, Berardino said, “we’re still learning” and pointed to the sovereign debt crisis currently engulfing the euro zone. “(Enron) ran out of time in terms of its liquidity and a lot of the same elements — leverage, the need for liquidity, crisis when you lose confidence — are repeated in all those examples. And I would argue we’re now living through it with the sovereign crisis in Europe,” he said. “There are a lot of the same elements.”
Maybe it’s because everyone is still working like crazy and couldn’t get away for a TV appearance. Maybe Jim Turley couldn’t find decent footwear but how CNBC managed to get only ONE accounting expert in on this panel to talk about the Ernst & Young, Dick Fuld, et al. Sarbanes-Oxley and the Repo 105 is beyond our comprehension. Throw in four journalists and a “fellow” and you’ve got yourself quite the free-wheeling discussion on the double-entry system.
Personally, “[N]ot technically violating the rules, that’s why the auditors could kind of sign off on it even though it was incredibly misleading and deceptive,” was our favorite line.
But the poor accounting expert seemed to be a nervous wreck. Aren’t wet bars standard?
What were these guys really saying? Other than accountants are NOT to be blamed for anything. Discuss. And for crissakes Jim, learn how to tie a Windsor knot.