Friday, July 11, 2008

San Diego demonstrates how to win an award for excellence in accounting

David Washburn of Voice of San Diego find that Enron by the Sea made the New York Times again, in an article about "skim funds."

"New Jersey and San Diego had versions of skim funds, and won "excellence in accounting" awards from the Government Finance Officers Association for many years while operating them. Each ended up with far less money in its pension fund than its books showed. The Securities and Exchange Commission found that San Diego had committed securities fraud by overstating the soundness of its pension fund; it is still investigating New Jersey."

No comments: