Tuesday, December 26, 2006

Dodging a bullet

If this described a publicly-traded company, the CEO would be facing jail time

The largest employer in the world announced on Dec. 15 that it lost about $450 billion in fiscal 2006. Its auditor found that its financial statements were unreliable and that its controls were inadequate for the 10th straight year. On top of that, the entity's total liabilities and unfunded commitments rose to about $50 trillion, up from $20 trillion in just six years.
But it's our government so they've dodged a bullet. Thank heavens they're exempt from following the same rules the rest of us do.


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