True. The spoof should deal with SOX and mark-to-market accounting too.
My god, this morning my accoutning professor went into this mark to market mess again, and he started along the lines of how TV should have a show about accountants like they do for lawyers. Like Law and Order, and CSI… He goes into this “Brad Pitt could play an accountant trying to get to the bottom of this mess, trying to sort out these mark to market shenanigans”
He was really funny this morning. He really likes talking about this stuff, and he says it is very important to pay attention to all of this because eventually the lawyers are going to go after the accountants because since these companies no longer have any money, they will naturally go after the ones that do. Accounting firms.[/quote]
Hahahaha. That’s really funny. He’s right about going after the accountants. A lot of the securities laws, especially post-SOX, were purposely written to hold accountants and underwriters who dropped the ball liable. To make them more accountable and careful. But also because they have deep pockets since a lot of the time the companies and officers and directors themselves won’t have any money left once the corporate fraud comes to light and/or does its damage.