CEOs say books are clean

Old Blog Import

Oops. I wonder what would happen if I made a 1.1 billion dollar mistake on my Taxes?

Mirant Corp., a natural-gas trader, said it may have inflated its balance sheet by as much as $1.1 billion, …

Conseco Inc., an insurance company, declared a $1.3 billion net loss as it wrote down the value of several businesses and said federal regulators are investigating accounting transactions during 2000.<br /> <br /> AOL Time Warner Inc. said it learned in the last 10 days that it may have improperly recognized $49 million as advertising and commerce revenue, but it said the mistake would have only minor effects on its revenue.<br /> <br /> Cendant Corp., a large franchiser of hotels and real estate chains, said the SEC is looking into its disclosure of transactions with affiliates, though it believes its financial reports are accurate.<br /> <br /> &#8230;

Symbol Technologies Inc., which makes bar-code scanners, disclosed an SEC investigation of its accounting for 2000 and 2001 and said a restatement may be necessary.<br /> <br /> Household&#8217;s disclosure that it earned $386 million less than previously reported since 1994&#8230;

Other companies that announced more minor revisions were convenience-store retailer the Pantry Inc., which said it found an "inadvertent" $8 million accounting error in this year&#8217;s financial reports; and Interpublic Group of Cos., an advertising business that said it improperly accounted for $68.5 million in expenses.&#8221;

The Washington Times