The explanation for the missing money is circuitous and confounding. Massive accounting error or more evidence of corruption?
http://metrotimes.com/news/smoke-and-mirrors-1.1144765
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The explanation for the missing money is circuitous and confounding. Massive accounting error or more evidence of corruption?
http://metrotimes.com/news/smoke-and-mirrors-1.1144765
Sigh. Is every institution in this city like this?
Why am I not surprised by this???
Check out the first story in this episode:
http://www.thisamericanlife.org/radi...ocial-contract
It's about the guy who helped get NYC out of bankruptcy back in the 70's. He was brought on board to try and help the state of New York's financial situation.
His first recommendation: use generally accepted accounting principles. In particular, the princple of non-compensation - which is where cities get into HUGE trouble.
I don't understand how city and state governments can operate using accounting tricks and obfuscation that a corporate CFO would go to prison for.
$20mil Missing
The explanation for the missing money is circuitous and confounding
Missing from where? Your thread is incomplete.
See the link. The story is more interesting than any commentary I can lend it.
A proper post will include enough information so one doesn't have to travel off-board.
Thanks for the info donaldv. It looks as though the money has been incinerated.
Likely both. There's been a trend illuminated by the media showing that the City is doing anything it can to keep itself afloat. That's always the core goal of any bureaucracy, civic or private -- and its why they are so dangerous. Enron created mythical revenues to delay the day of reckoning when the cash ran out. CofD does the same with selling golf courses [[at least trying), borrowing pension money, inaccurately recording pension obligations, and this. They're stretching every accounting rule they can, mostly legally I'd guess, but mostly immorally, to keep the machine running, their paycheck and raises coming -- with little or no regard for future effects. Its now the future. So the residents will get the EFM they desperately deserve -- because they have not elected officials dedicated to themselves, but dedicated to shallow words about 'home rule', race, politics.Quote:
Originally Posted by donaldv
The sooner Detroit gets its reality moment -- layoffs, bankruptcy, EFM, or whatever -- the sooner something will be done that could be competent.