GM announced this week that it too mis-stated earnings by several hundred millions due to ‘accounting mistakes’ (how come nobody ever mistakenly understates?). Wonder when the SEC will ever get off its ass to actually help protect investors by forcing the insiders to return the undeserved option profits they earn every year from fraudulent (or “mis-stated”) earnings?
And can we call the wsj on being an accomplice for failing to ever tell the plain truth? Calling accounting fraud a “mis-statement” makes as much sense as calling terrorists “militants” or “freedom fighters”.
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