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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 / Your Money, Your Vote
Monday, October 13, 2008
McCain, Obama Make Big Statements
FOXBusiness
Both major-party presidential candidates made major announcements on Tuesday.
Democratic presidential nominee Barack Obama announced an economic rescue plan that included several measures he would propose, if elected, that would help stimulate the economy.
Among these proposals is a temporary tax credit of $3,000 issued to companies for each new job created within the United States in the next two years. Obama also supports enabling penalty-free hardship withdrawals of 15% or up to $10,000 from certain retirement accounts until 2010, and he backs a 90-day moratorium on foreclosures for those homeowners who are attempting to pay down their mortgages and are living in their homes.
The Democratic nominee asked the Treasury Department and the Federal Reserve to promote lending to struggling state and municipal governments, and advocates the temporary elimination of the taxes on unemployment insurance benefits.
Senator Obama would also like the Treasury to help inject liquidity into sectors other than the financial sector. He supports the Treasury's use of the new law to help ease the credit crunch and make it easier for students, individuals and businesses to secure funds for education, multifamily dwellings, credit cards and car loans.
In an effort to drum up support for his own campaign, Republican presidential nominee John McCain released a new campaign speech that focuses on the economy on Monday in Virginia Beach, Va., where he appeared with his vice presidential nominee, Sarah Palin.
McCain promised to fight for a bright future for the country in an effort to mitigate voters’ concerns and feelings of uncertainty about the nation’s international status as a result of the financial crisis.
"I will never let them in again. I'm an American. And I choose to fight," McCain said in reference to his feelings of hopelessness during his time as a prisoner of war in Vietnam.
The new campaign speech is, indeed, hopeful. One excerpt from the speech provided to FOX News by the McCain campaign reads, "The national media has written us off. Senator Obama is measuring the drapes, and planning with Speaker (Nancy) Pelosi and Senator (Harry) Reid to raise taxes, increase spending, take away your right to vote by secret ballot in labor elections, and concede defeat in Iraq. But they forgot to let you decide. My friends, we've got them just where we want them."
Several polls project Obama’s lead over McCain to be between four and 11 percentage points, according to the Associated Press.But with a full three weeks to go before the election, just about anything could still happen.
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