Accounting Woes and Wails This Week

Every week, it seems like some business or another is in the middle of an “accounting dispute,” which pretty much means that there’s some shady money handling going on! If you’re looking for accounting jobs, perhaps you could lend your expertise to the following companies. It looks like they could definitely use some help. If you’re honest and trustworthy, all the better!

Joe Six Packs Rejoice: Most Americans have been pretty outraged with the way banks and businesses have been handling our country. According to Michael Moore, this can be traced back to the Reagan administration, when business regulations and taxes were pretty much sliced in half or less in favor of Wall Street. This week we saw some major Wall Street reforms passed, as well as the biggest penalties ever paid from any Wall Street firm when it comes to the case of Goldman Sachs. Perhaps we could use some of the shady company’s $550 million to help fix a fraction of the damage the company has caused.

Lordy, What a Tax Break: A member of the British House of Lords has been lying about his accounting expenses. Lord Taylor of Warwich (doesn’t that sound like a character from Willow or something?) has claimed more than $17,000 on expenses for transportation and lodging, apparently. Do Lords really spend that much on travel and hotels? It’s doubtful, seeing as five other members were caught doing the same thing.

Dude, You’re Getting a Settlement! CEO Michael Dell of Dell, Inc. is in the middle of a settlement for lying to auditors, lying about their data, and lying in general. While you’re at it, Mike, can you please stop selling products made with environmentally degrading PVC like you once said you would, too? We’d really appreciate some integrity with that newfound honesty, there.

AIG Fraud: Fraudulent insurance claims? Say it ain’t so! AIG is paying a $725 million settlement due to their “mishandling” various pension funds in the state of Ohio. This “wide-ranging fraud” happened for over five years and included fixing stock prices, violating accounting rules, and other actions of a green Grinch-like nature (in other words, for being a big business).

Fake Stock Costs Trident: Former executive employees of Trident Microsystems, Inc. are being charged over $1.5 million for running fake stock options in their company.

I hear all of these fines being issued, but why is there no jail time for all of these executives? Their actions directly harmed many people. If their actions included, say, stealing a person’s TV or hitting him with a baseball bat, they’d definitely serve some sort of time, right? But stealing a pension, a home, or an entire future isn’t worth time in the big house? That’s messed up.