The Financial Numbers Game by Charles W. Mulford & Eugene E. Comiskey Summary
Overview of The Financial Numbers Game
Uncover how companies manipulate financial statements in "The Financial Numbers Game." Learn to detect accounting tricks that fooled investors and regulators before major scandals erupted. Essential reading for anyone who wants to protect their investments from corporate sleight-of-hand.
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Ключевые выводы
When Numbers Lie: The High-Stakes Game of Financial Manipulation
In 2002, WorldCom shocked markets with a $3.8 billion accounting fraud that eventually ballooned to $11 billion. Their stock plummeted 94% within months. A year earlier, Enron's collapse had already wiped out $74 billion in shareholder value. These weren't isolated incidents but dramatic examples of what former SEC Chairman Arthur Levitt called "the numbers game" - the widespread practice of manipulating financial reporting to create altered impressions of business performance. This dangerous game has devastating consequences. When Centennial Technologies' fraudulent asset overstatements were discovered, its stock collapsed from $55.50 to $3 in just three weeks. Similarly, Twinlab's share price plunged from $20 to under $3 when its aggressive revenue recognition practices came to light. Why does this happen? Imagine driving on a highway where everyone speeds. If you maintain the legal limit, you'll be passed by competitors and possibly punished by impatient investors. This pressure creates a race to the accounting bottom, where companies feel compelled to stretch the rules just to keep pace. As Warren Buffett remarked, "Only when the tide goes out do you discover who's been swimming naked." The financial numbers game works until it doesn't - and when it fails, the consequences are swift and severe.
Exploiting Accounting Flexibility: How Companies Bend the Rules
Meeting Expectations at Any Cost: The Earnings Management Trap
Revenue Recognition: The Top Accounting Deception
Tomorrow's Expenses Today: The Capitalization Game
The Cash Flow Reality Check: When Earnings Quality Fails
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Создано выпускниками Колумбийского университета в Сан-Франциско
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Создано выпускниками Колумбийского университета в Сан-Франциско
"Instead of endless scrolling, I just hit play on BeFreed. It saves me so much time."
"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."
"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."
"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."
"Reading used to feel like a chore. Now it’s just part of my lifestyle."
"Feels effortless compared to reading. I’ve finished 6 books this month already."
"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."
"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."
"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"
"It is great for me to learn something from the book without reading it."
"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."
"Makes me feel smarter every time before going to work"
"Instead of endless scrolling, I just hit play on BeFreed. It saves me so much time."
"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."
"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."
"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."
"Reading used to feel like a chore. Now it’s just part of my lifestyle."
"Feels effortless compared to reading. I’ve finished 6 books this month already."
"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."
"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."
"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"
"It is great for me to learn something from the book without reading it."
"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."
"Makes me feel smarter every time before going to work"
"Instead of endless scrolling, I just hit play on BeFreed. It saves me so much time."
"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."
"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."
"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."
"Reading used to feel like a chore. Now it’s just part of my lifestyle."
"Feels effortless compared to reading. I’ve finished 6 books this month already."
"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."
"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."
"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"
"It is great for me to learn something from the book without reading it."
"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."
"Makes me feel smarter every time before going to work"
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