분야
pptx2.Discussion Question #3
3.Discussion Question #4
rags-to-riches ‘local legend’, abiding faith in Mississippi
very good at buying businesses
but not so good at managing them
174th richest American
extend loans in excess of $415 million
“a wonderful corporate citizen”
Bill Parish, investment manager for Parish & Co., explained the collapse of Enron, WorldCom, and others with this insight: "There's massive corruption of the system. Earnings are grossly overstated."
Accounting Professor Brent Trueman at the UC Berkeley, added, "Reported numbers may not reflect the true income from operations." The phenomenon accompanies bubbles. "It is absolutely what almost invariably happens after every bubble. You should expect them [bankruptcies, scandals, and accounting disclosures], but that doesn't mean that people who haven't been through it before aren't going to be surprised. The bigger the binge, the longer and more severe the hangover.”
