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California: Davis' Enron-type tricks
The Orange County Register ^ | July 5, 2002 | By John Campbell

Posted on 07/07/2002 12:48:07 PM PDT by Ernest_at_the_Beach

Edited on 04/14/2004 10:05:14 PM PDT by Jim Robinson. [history]

Much has been reported about the improper and possibly fraudulent accounting practices at Enron, WorldCom, Global Crossing and, most recently, Xerox. All of these incidents appear to be inexcusable and reprehensible violations of public trust. There appear to be multiple occurrences of the same theme - cooking the books and obfuscating the truth from the public.


(Excerpt) Read more at ocregister.com ...


TOPICS: Editorial; Government; News/Current Events; Politics/Elections; US: California
KEYWORDS: budget; calgov2002; davis; knife
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1 posted on 07/07/2002 12:48:07 PM PDT by Ernest_at_the_Beach
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To: *calgov2002; Carry_Okie; SierraWasp; Gophack; eureka!; ElkGroveDan; Libertarianize the GOP; ...
calgov2002:

calgov2002: for old calgov2002 articles. 

calgov2002: for new calgov2002 articles. 

Other Bump Lists at: Free Republic Bump List Register



2 posted on 07/07/2002 12:48:54 PM PDT by Ernest_at_the_Beach
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To: Ernest_at_the_Beach
Bump
3 posted on 07/07/2002 1:00:44 PM PDT by for-q-clinton
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To: Ernest_at_the_Beach
Manure Movers of America??? ROFL!

The MMA motto: "Your $hit is our bread and butter."

4 posted on 07/07/2002 1:05:41 PM PDT by snopercod
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To: Ernest_at_the_Beach
Go John Campbell!

In crafting the state budget, Gov. Davis and his legislative colleagues applied many of the same deceptive accounting techniques used in these corporate scandals.

Ouch! That has to hurt Davis in two ways. First, it is truthful and connects something that is hurting a lot of folks retirement acounts and therefore is transferring anger to Davis and second, it is pointing out to Davis and the Democrats why their budget (that counts so heavily on borrowed Wall Street funds,) may have a real problem.

Wall Street will look at the budget and then calculate its own cash flow for the state before it lends a dime and before analysts determine bond ratings. With the Merril Lynch New York State settlement, Wall Street will be much more careful to really look at things before it recommends buying bonds from California.

5 posted on 07/07/2002 1:06:11 PM PDT by Robert357
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To: snopercod
Hey, we have been having great fun with that!
6 posted on 07/07/2002 1:08:43 PM PDT by Ernest_at_the_Beach
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To: Ernest_at_the_Beach
Good Post.

Take it up a level and the Fed Gov does the same thing too. They spout outrage at the corporate shenanigans... when they have been doing the same thing on a much larger scale for years. Cook the books, lie to the public and raise taxes to collect more and more.

They claim to be concerned with public health issues regarding smoking, when they profit more from tobacco sales than the tobacco companies do. There is no shareholder with a bigger interest in tobacco sales than the government.

They claim to be suspicious and watchful of casinos and gambling, while they collect massive taxes and create their own lottery games.

The phrase "The pot calling the kettle black" doesn't even do justice here. Any criminal organization needing inspiration need only look to the politicians for examples galore.

There doesn't seem to be any accountability at all.

7 posted on 07/07/2002 1:12:04 PM PDT by kcpopps
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To: kcpopps; Dog Gone; randita
There doesn't seem to be any accountability at all.

We voters have not been doing our job . Of course the media is not helping us at all!

8 posted on 07/07/2002 1:16:17 PM PDT by Ernest_at_the_Beach
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To: Ernest_at_the_Beach
Ernie, more to the point GrayDown and the Rats in California should be behind bars and out of business. I mean since they're pulling the same con job as Enron and WorldCom, shouldn't they be also doing the time? Now there's a thought to make California a better place to live.
9 posted on 07/07/2002 1:18:41 PM PDT by goldstategop
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Comment #10 Removed by Moderator

To: Ernest_at_the_Beach
I suspect the Clinton/Gore administration did much the same thing in their pronouncements about what they were doing for each state. If what they said were true, why is it our K – 6 teachers have no supplies for their students? Why is health care becoming evermore expensive to those that can get it? Why has the dollar become near useless? There are other areas of course that should be mentioned, but taking those three, President Bush has not had eight years or even two full years to unravel the mess of missing billions and billions of US $$.

I think ENRON and the others simply copied the US Government’s way of cooking the books, that is assuming of course there were some qualified people within the gov. who could do it. Look at the few heads of departments that have been caught using credit cards, ordering computers etc. for private use etc., those few represent the tip of the ice burg. Governor Davis and pals should not be re-elected peroid! They represent the worst in state government.

11 posted on 07/07/2002 1:28:45 PM PDT by yoe
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To: Ernest_at_the_Beach
I see #10 was "removed by moderator". Maybe they're finally on to lewislynn ;-)
12 posted on 07/07/2002 1:58:50 PM PDT by snopercod
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To: Robert357
What's wrong with this picture?
  1. An actual $24 billion deficit vs. $3.6 billion in "savings" in the "best and final" budget.
  2. The California Constitution requires a balanced budget.
  3. The California Constitution requires a vote of the people before borrowing > $300,000.
  4. By the end of next month, all state employees will not be paid at all, or only at minimum wage.

There should be a train wreck, but I suspect that Doofus is hoping that nobody will notice his little problems until after Nobember.

It's fascinating that all discussion of borrowing to "tide the state over" or "amortize the debt" has ceased.

It's quiet...too quiet...

13 posted on 07/07/2002 2:07:25 PM PDT by snopercod
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To: snopercod
I missed that!
14 posted on 07/07/2002 2:24:02 PM PDT by Ernest_at_the_Beach
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To: goldstategop
Yes, I agree, how exactly can we do that!
15 posted on 07/07/2002 2:25:06 PM PDT by Ernest_at_the_Beach
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To: snopercod
I look for them to raid the gigantic pension funds.

They are probably huddled in a corner deciding how they can best spin the plan!

16 posted on 07/07/2002 2:27:26 PM PDT by Ernest_at_the_Beach
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To: Ernest_at_the_Beach
bttt
17 posted on 07/07/2002 4:49:24 PM PDT by TheEaglehasLanded
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To: TheEaglehasLanded
BUMP...
18 posted on 07/07/2002 5:34:13 PM PDT by tubebender
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To: Ernest_at_the_Beach
thanks for the ping
19 posted on 07/07/2002 6:03:36 PM PDT by Libertarianize the GOP
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To: Ernest_at_the_Beach
"The situation with the state's finances is far worse than the "official" numbers show. "

Ouch .. This is gonna need charts .. lots and lots of charts .. Get ahold of Ro$$ Perot
DUMP DAVI$ & the Den of Socialists



GO SIMON

20 posted on 07/07/2002 7:13:05 PM PDT by NormsRevenge
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