Stupid Accounting Tricks
I enjoyed this SEC enforcement action against electronics manufacturer Gentex and its CFO Kevin Nash (no, not that Kevin Nash):
The total market capitalization of the US stock market is about $40 trillion. In many ways the country’s financial security depends on it. And yet in others it is just absurd financial theater. Is it just me or is the fact that professional adults are engaging in these kinds of meaningless shenanigans on the margin to hit an arbitrary target devised by other professional adults and that there are still other professional adults whose full-time job it is to catch them a sign that something has really gone off the rails?
Maybe it’s just me. Have a great weekend.
– By Tim Hanson
