Welcome to Direct Outlet Distributors
| Welcome to Direct Outlet Distributors |
Before President George W. Bush took office, publicly owned companies were legally required to provide shareholders with AN HONEST ACCOUNTING of their earnings. The standard used was GAAP, Generally Accepted Accounting Principles. Under this method, a company would state its earnings based on the old fashioned equation of income minus expenses. Using pro forma, companies decide which expenses are "irrelevant," thereby providing great latitude for creativity...
After business slave George W. Bush took power, Corporate America went on A LYING SPREE. Freed from concerns about regulatory oversight, this country's biggest companies became dramatically more "creative" with their earnings reports...[E]stimates for S&P 500 corporations [say they earned $410 billion in 2001 using "pro forma"; but, according to GAAP, they earned only $240 billion" but REPORTED EARNINGS INFLATED BY 42 PERCENT!]
