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Jackson’s Institutional Incompetence

Jackson’s Institutional Incompetence

Miami-Dade County's Jackson Memorial Hospital is Adrift in a Sea of Incompetent Executive Management The utter contempt that Jackson Memorial Hospital’s managing board, the Public Health Trust, and the Miami-Dade County Commission, have displayed for the residents of...

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The Land of the Falling Sun

The Land of the Falling Sun

Post-Industrial Japan’s Developing Caste and Generational Inequality are Strangling Younger Workers In an ominous warning to other, post-industrial developed economies, Japan seems mired in an economic straitjacket decades in the making. A majority of its younger...

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The Pain of Deceit

The Pain of Deceit

Our national, economic betrayal is merely a symptom of much larger, personal betrayal As the current year fades and the new year begins, a trend continues to emerge in our society that is every bit as damaging as the economic fraud that has nearly plunged our country...

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Those Pesky Pensions

Those Pesky Pensions

In a sign that the looming pension battles continue unabated, the New York Times reported, here, that the Securities and Exchange Commission accused the State of New Jersey of securities fraud and claimed that it had not been properly funding public worker’s pensions,...

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Earnings Management: An Academic Primer

Our financial reporting system is under siege as never before. Corporations are under intense pressure from shareholders to meet or exceed earnings targets. Globalization continues to relentlessly compress profit margins. The response from many companies has been...

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Extend and Pretend: More Balance Sheet Fiction

Balance sheet fiction continues unabated, as evidence mounts that banks are creating bogus loan modifications to avoid having to write down loans and destroy capital. A recent article in the Wall Street Journal, here, highlights how accounting manipulation has...

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Repo 105: An Anatomy of Lehman’s Accounting Fraud

The bankruptcy examiner’s report in the bankruptcy of Lehman Brothers is a portrait of accounting manipulation and fabrication that stands next to Enron as the epitome of structured financial statement fraud. Anton Valukas, of Jenner & Block, discovered Repo 105...

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