Hello there,
Reports that Goldman Sachs have skipped one month from the recently submitted financial forecast will add to already growing feelings that accounting is most used by practitioners to cover frivolous criminal white collar activity.
Financial Time's Alphaville reports that Goldman Sachs created 'orphan' months and other conspiracies to justify a healthy balance sheet.
That is on the back of news that the elite investment bank is increasing bonuses to its staffs to help them maintain their high lifestyle.
Goldman Sach's chief executive Lloyd Blankfein is now popular on Wall Street for making about 70 million dollars in 2007
Intenational accounting rules under the IASB and other related regulatory bodies will take time to react to what Goldman Sachs has done because, after all, Goldman produces senior civil servants for the US Administration!!