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Closing Another Door on Accounting Scandals?
Home » Accounting » Blog » Closing Another Door on Accounting Scandals?Too many pundits have described the guilty verdicts of Lay and Skilling as closing the door on this sordid affair, as well as the imbroglios caused by the many other recent accounting scandals. Their hope rests with society's having cleaned up these messes. Unfortunately, human folly will dash these hopes in another few years. Accounting scandals have afflicted us in the past and have every reason to come calling in the future.
The 1920s and the 1930s saw interesting cases such as Ivar Kruegar the Match King, Richard Whitney, Interstate Hosiery, McCaffrey, Fred Stern & Co, and McKesson-Robbins. Kenneth MacNeal's Truth in Accounting, written in 1939, remains a fascinating read today because he so eloquently describes the shabby accounting practices of his time.
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