Thursday, June 21, 2007
Is Halliburton making funny with the books?
We know you all believe that but according to Bloomberg there may be actual evidence of such behavior.
Anthony Menendez, who was Halliburton's director of technical accounting research and training, has accused the world's second-largest oilfield-services company of using so- called bill-and-hold accounting and other undisclosed practices to ``distort the timing of billions of dollars in revenue.'' In short, Menendez says this allowed Halliburton to book product sales improperly, before they occurred.Lot's of companies try this and lot's of companies get caught doing it. I can't imagine why they would try this unless they thought they had some sort of official immunity to act with impunity. Ya' think?
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