🚀 go-pugleaf

Anne & Lynn Wheeler <ly...@garlic.com> writes:
> apple, GE, walmart, home depot, qualcomm, glead sciences, united tech,
> pepsico, amex, goldman

re:
http://www.garlic.com/~lynn/2018b.html#21 Important US technology companies sold to foreigners

After its $10-Billion Loss in Q4, GE "Restates" Earnings for 2017 and
2016
https://wolfstreet.com/2018/02/26/after-its-10-billion-loss-in-q4-ge-restates-earnings-for-2017-and-2016/

But the restatements for 2016 and 2017 earnings are separate. They have
to do with how the company accounted for revenues from long-term
contracts. The SEC is already investigating GE's accounting of its
long-term service contracts. GE had previously disclosed this
investigation. The new way of accounting for those long-term contracts
"will simply more closely align revenue with cash," GE explained. And
this "we believe will be helpful to our investors."

No kidding. This could have been more helpful to investors years ago.

... snip ...

rhetoric on floor of congress was that Sarbanes-Oxley would prevent
future ENRONs and guarantee that executives and auditors did jail time,
however SOX required that SEC do something. Possibly because GAO didn't
believe SEC was doing anything, it started doing reports of public
company fraudulent financial filings, even show increase/uptic after SOX
goes into effect (and nobody doing jailtime).
https://www.gao.gov/products/GAO-06-1053R

On July 24, 2006, we issued a report to Congress entitled, Financial
Restatements: Update of Public Company Trends, Market Impacts, and
Regulatory Enforcement Activities. That report included a listing of
1,390 financial restatement announcements that we identified as having
been made because of financial reporting fraud and/or accounting errors
between July 1, 2002, and September 30, 2005. As part of that work,
Congress asked that we provide a limited update of that database for the
period October 1, 2005, through June 30, 2006.

... snip ...

web search gao.gov for financial restatement only turns up this in 2007,
nothing since
https://www.gao.gov/new.items/d06678.pdf

Enron posts
http://www.garlic.com/~lynn/submisc.html#enron
Sarbanes-Oxley posts
http://www.garlic.com/~lynn/submisc.html#sarbanes.oxley
Financial reporting fraud posts
http://www.garlic.com/~lynn/submisc.html#financial.reporting.fraud

-- 
virtualization experience starting Jan1968, online at home since Mar1970