Balance Sheet vs. Income Statement Effects “It’s too soon to tell.” –Chinese premier Mao Zedong in the late 1940’s, when he was asked what he thought about The French Revolution. I know what Mao Zedong would have said about the gargantuan, $1.3 trillion tax reform bill just passed by the Republicans (zero Democrats voted in...Read More
Fiscal Cliff Semantics From watching the fiscal cliff negotiations from (very) afar, I’ve gleaned two things to date: 1) apparently, the $250k threshold for raising income taxes has now been raised to $400k (the Republicans initially insisted on $1 million); 2) we now have yet more evidence that President Obama is a lousy negotiator (Gail...Read More
Is it Too Late to Bail Out Enron?? “Supreme Court Overturns Bush v. Gore”–Headline; The Onion (12/9/2008) Watching what’s going on in Washington and on Wall Street, the Enron guys must be turning over in their . . jail bunk beds. Consider the following: –The audited financial statements of AIG, Citigroup, Bear Stearns, etc. obscured...Read More
