Jul. 09, 2002 - 23:23 MDT

THE WONDERING JEW

What's New

Corporate ethics, my left foot. Never let the left hand know what the right hand is doing seems to be the Washington watchword these days.

Br'er Bush seems to be trying (or giving lip service) to force corporations to stop their monetary hanky panky and play fair.

Yeah, riiight ! Paul Krugman of the New York Times has an article in The Rocky Mountain News today, titled: "President arrives late to the business ethics table." I won't attempt to steal Mr. Krugman's thunder, but will try to relate a word or two of interest that he wrote. He said in part, relating to the business dealings ten or so years ago by Mr. Shrub, "In 1986, one would have had to consider Bush a failed business man. He had run through millions of dollars of other people's money, with nothing to show for it but a company losing money and heavily burdened with debt."

From what Mr. Krugman says a company named Harken Energy kept Mr. Shrub out of the swamp by buying his company for an amazingly high price. Even so Harken didn't do so good. Mr. Krugman says, "But for a time it concealed its failure -- sustaining its stock price, as it turned out just long enough for Mr. Shrub to sell most of his stake at a large profit -- with an accounting trick identical to one of the main ploys used by Enron a decade later. (Yes, Arthur Andersen was the accountant)."

Mr. Krugman is not the only one who has something to say about this matter. Mr. Scott Lindlaw of the Associated Press brings out two quotes from the Twigs that almost sound Clintonesque. "Sometimes things aren't exactly black and white when it comes to accounting procedures," he said. Pressed to explain, the Twigs said: "I still haven't figured it out completely."

He said what ? "Things aren't always black and white when it comes to accounting procedures." Sure Georgy Porgy, under the Creative Accounting scams now they aren't black and white. But isn't that what REAL accounting is supposed to be about ? Keeping things in black and white instead of shades of gray or blaring Technicolor is what accounting is all about, or so I was taught. Only color being red ink, which is nowadays being camouflaged by various textures of baloney and phoney dressings.

So now our Pres. is coming out for law and order, punishment and new regulations. Yeah, lock the barn door while the herd trots down the road laughing.

Once integrity seemed to have been an existing trait of our politicians and corporations. Apparently no more. Scandal not hot anymore really, same o, same o, so What's New ? . . . . . . . .

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