175: Jonathan Shapiro – Investigating and Exposing the Crafty Schemes of Public Companies
Chat With Traders
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How to Solve a $30 Million Cash Issue
The company was fudging $100 million in cash, according to a new report. The accountants found that they were booking invoices of up to $12,000 when the money had actually been spent on other goods and services. They discovered this by looking at an interest cover interest test which shows how much is being paid out as part of their profit-and-losses over a period. It's not what you'd expect for such a large balance - it should be earning close to 2%.
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