Scamming scammers: The underbelly of debt collection

Posted by & filed under Accounting Principles, All Articles, Cost Accounting, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, Intermediate Accounting, Managerial Accounting.

From 2006 to 2009, the nation’s top nine debt buyers purchased almost 90 million consumer accounts with more than $140 billion in “face value.” This article details the saga of debt accounts that continue to be stolen, double-sold or otherwise exchanged without accurate supporting information by “debt collectors, including statements or copies of original signed… Read more »

Movie with a Happy Ending?

Posted by & filed under Accounting Principles, All Articles, Cost Accounting, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, Intermediate Accounting, Managerial Accounting.

When the Treasury Department bailed out AIG and said two years ago that it was likely to lose only about $5 billion on the bailout, Neil Barofsky, a former official of the Troubled Asset Relief Program (TARP) declared that the number was “manipulated” as part of a “publicity campaign” to boost the positive aspects ahead… Read more »