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Just like you never want to hear a doctor say "oops" in the operating room, you never want to see a going-concern statement
in a financial report about a company you own. Accountants throw these in when they've been over the books, talked to customers,
and checked the horoscopes and have concluded there is "substantial doubt" about a company's ability to remain in business.
In short, don't blame the accountants if the company files for bankruptcy protection.
You¿d reckon that a going-concern
statement would be enough to send investors running to the exits, but it's not. True, many large institutions automatically
bail when an existing company gets slapped with one of these, but many individuals (often wrongly) take a chance they know
more than the bean counters.
During the tech boom of the late 1990s, many companies actually went public even though they had been hit with going-concern statements. Many of those companies subsequently disappeared. Enough said.
Home / Markets
Friday, October 10, 2008
Hearings Needed on Government Greed
David Asman
FOXBusiness
Congress loves to hold hearings about greed on Wall Street. But when are they going to hold a hearing about greed in politics?
Isn't it worse to be greedy when you’re using our tax dollars? We heard both candidates Wednesday night giving lip service to saving a few billion in the budget. But then they went right on to talk about huge new spending programs -- one for universal health care, the other for housing. Is this the way they tighten their belts…by spending more of our money? They talk about saving a couple of billion dollars while in the next breath promise to spend “hundreds” of billions more. This is greed. And it’s not their money.
And it’s not just greed. There’s also graft. When politicians get sweetheart deals from a mortgage company, and then write a housing law that helps to bail out that same mortgage company, I call that graft, and I don’t care which party’s involved. When will we have a hearing about that?
After all, Wednesday's hearing on corporate greed was called by Henry Waxman’s Committee on Government Reform. That’s government reform -- not corporate reform.
So, Mr. Waxman, when are you going to hold a hearing on government greed and government reform?
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