And IF Jeff announces a 'profit', how were the books manipulated to show it?
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Believe me, they continuously ask to throw away assets that aren't being used...right now, there are not a lot of assets being used. Oh wow, now we are doing good with all these write offs.
Do not worry! Jeff has a solution - more layoffs!
Profits made by recognizing revenues by offsetting losses on certain projects with revenues based on estimated probable recoveries on claims that had not been resolved with customers.
There is also the “bill and hold”
- Let's say you bought a custom-made guitar online. "Gee-tars Plus" charged your credit card, emailed you a receipt and then told you it would ship your guitar in six months to a year. So it recognized revenue on hundreds of guitars — sometimes even before it had bought the raw materials — and logged the sales at least a couple of quarters before.
And of course the “peel off” Which is removing inventory amounts under various unsupportable arguments to avoid a restatement of quarry reports which cost $456 million To KPMG in fines which was HES accounting firm.
Wow! It ALL makes sense now! What a sleezy greedy sob that Jeff Miller.
Jeff likes to lay off people and the fix the books.
Jeff’s a pro at cooking books, Google the 2001 Enron scandal. The accounting firm Enron used was Arthur Andersen. He followed Dave Lesar over to Halliburton, who was also a part of Arthur Andersen. From Wiki - After receiving his MBA, Miller worked as a certified public accountant at Arthur Andersen, the now defunct accounting firm. Miller moved to Halliburton in 1997. As a Certified Public Accountant, Lesar spent 16 years working at Arthur Andersen. In 1995, Lesar joined Halliburton.
He’ll find a way. Halliburton's books have been done this way for years since these two have been in charge.