Feeds

DoJ zeroes in on AOL accounting practices

Criminal investigation commences

  • alert
  • submit to reddit

Top 10 endpoint backup mistakes

The slick accounting magic by which an ISP called AOL managed to puff itself up into a thing seemingly capable of swallowing up a media behemoth like Time Warner is under investigation by the US Department of Justice (DoJ), the Associated Press reports.

The criminal inquiry is compounded with another by the Securities and Exchange Commision (SEC), announced about a week ago. The prospect of a classic SEC wrist-slapping caused considerable alarm on Wall Street which punished the stock last week, and the bad-assed DoJ execs-going-to-jail business knocked the hypertrophied media conglomerate's incredible shrinking stock down an additional seven per cent on the news Wednesday.

For its part the company claims to have followed 'normally-accepted accounting standards' duly confirmed by its righteous auditor.

"As we have consistently said, our accounting is appropriate and in accordance with generally accepted accounting principles; and our outside auditors, Ernst & Young, have repeatedly confirmed that," AOL Time Warner flacks whinged in a press release.

So apparently none of this is their fault. The problem, clearly, is 'normally-accepted accounting practices' which make deceiving investors something of a latter-day commercial sacrament. ®

A new approach to endpoint data protection

More from The Register

next story
Amazon says Hachette should lower ebook prices, pay authors more
Oh yeah ... and a 30% cut for Amazon to seal the deal
Philip K Dick 'Nazi alternate reality' story to be made into TV series
Amazon Studios, Ridley Scott firm to produce The Man in the High Castle
Nintend-OH NO! Sorry, Mario – your profits are in another castle
Red-hatted mascot, red-colored logo, red-stained finance books
Sonos AXES support for Apple's iOS4 and 5
Want to use your iThing? You can't - it's too old
Joe Average isn't worth $10 a year to Mark Zuckerberg
The Social Network deflates the PC resurgence with mobile-only usage prediction
Feel free to BONK on the TUBE, says Transport for London
Plus: Almost NOBODY uses pay-by-bonk on buses - Visa
Twitch rich as Google flicks $1bn hitch switch, claims snitch
Gameplay streaming biz and search king refuse to deny fresh gobble rumors
Stick a 4K in them: Super high-res TVs are DONE
4,000 pixels is niche now... Don't say we didn't warn you
prev story

Whitepapers

7 Elements of Radically Simple OS Migration
Avoid the typical headaches of OS migration during your next project by learning about 7 elements of radically simple OS migration.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Solving today's distributed Big Data backup challenges
Enable IT efficiency and allow a firm to access and reuse corporate information for competitive advantage, ultimately changing business outcomes.
A new approach to endpoint data protection
What is the best way to ensure comprehensive visibility, management, and control of information on both company-owned and employee-owned devices?