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My opinion – - corruption possibilities It...

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Colin Fleming ACCT 116A – 3/24/2009 My opinion – After watching the file “The Guys in the Room” it further outlined the corruption that existed in corporate America during these times, and in some instances still exists today. The current economic downturn exists in part due to a lack of government involvement in many industries such as Real Estate and Financial Institutions. These corporations were essentially given free reign in many aspects of reporting financials; this lead to severe inflation of financial data and fluffed sales figures which excites investors and is a true recipe for disaster. The GAAP format certainly lessens the likelihood of “funny” accounting principles gong forward. Although there were several concerning aspects of the film, the most surprising element was the close relationship that the executives at Enron had with both former President’s George H.W. Bush and George W. Bush. I found this to be appalling at the potential
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Unformatted text preview: corruption possibilities. It is my personal opinion that relationships such as this should never be allowed to exist in the corporate world, as there are too many open avenues to “cheat”. I am not accusing the Presidents of being involved, but the potential was certainly there! This relationship is very similar in principal to Bernie Madoff’s relationship with the SEC and how he was able to play in a gray area by using his close relationship with leaders. This current example plainly shows that keeping these situations is certainly not under control as of yet and that many potential situations are yet to arise. My opinion of Jeff Skilling is that he simply got his hand caught in the cookie jar. Obvioulsy an intelligent executive, he found several opportunities to inflate earnings and build the company into a cash-printing machine. Once he began to see the conglomerate failing, he pressed the eject button but it was obviously too late! 2...
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