the CAMP ENRON Report


CAMP ENRON:
... gateway to the next Progressive Era?

Some say it's nothing but a train wreck ... roll in the big cranes, clear the track, see what the crew's been smoking. If I thought so, I'd not be writing this ... and if they thought so, they'd not be drumming so hard.


For a brief orientation, see this
Welcome to Camp Enron

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Camp Enron Archives
01/01/2002 - 02/01/2002 02/01/2002 - 03/01/2002 03/01/2002 - 04/01/2002 04/01/2002 - 05/01/2002 05/01/2002 - 06/01/2002 06/01/2002 - 07/01/2002 07/01/2002 - 08/01/2002 08/01/2002 - 09/01/2002 06/01/2003 - 07/01/2003

NOTE to READERS:
(2) All "major" articles of older material have now been imported, some with updates worth perusing. We'll keep it all on the main page for a while, will add a few loose pieces of history, will trim the main page and index the archives for convenience later.


OUR DEPARTMENTS:

the COGENT PROVOCATEUR:
free agent, loose cannon, pointy stick ... taking an imposing analytic toolkit out of the box, over the wall and into the street ... with callous disregard for accepted wisdom and standard English

reading the tea leaves from original angles, we've led with uncannily prescient takes on the federal surplus, the dotcom crash, the "Energy Crisis", the Afghan campaign, the federal deficit.

More where those came from ... stay tuned.


For brief orientation, see this
Welcome to CP


CAMP ENRON:
... gateway to the next Progressive Era?

For a brief orientation, see this
Welcome to Camp Enron

OTHER GOOD STUFF:
Many thanks to Tony Adragna and Will Vehrs, still shouting 'cross the Potomac at QuasiPundit. Early Camp Enron material can be found in QP's Dispatches department.
Friday, June 28, 2002

 
--- Xerox Accounting Scandal: Copy or Original? ---

It's so hard to tell!!!

I thought we did this already. Xerox took a drubbing for "accelerating revenue" (counting your chickens before they hatch), negotiated an SEC settlement in April and paid a world-record $10M civil penalty. That was based on premature recognition of $3B over 4 years.

But PricewaterhouseCoopersRevisedFinancialRestatements -- shredding previous KPMG sign-off's -- now make it $6B over 5 years. (See WSJ on MSNBC)

Xerox's revenue-shifting is not as bad as WorldCom's expense-hiding ... a $B of one only nets out to a few $M of the other ... but still if ya gotta take a bath, wouldn't you take it all at once?

Net current effect on earnings could even be favorable, as revenues previously accelerated into previous periods will now be restated (retarded) into this one.

If you play your cards right in the restatement game, you can always be profitable in the current period ... you just keep stealing profits from future periods, and burying losses in restatements of earlier periods.