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Motley Fool Money
Oops! $132 Million Disappeared
Nov 25, 2024
Join investment analyst Jason Moser and Bloomberg reporter Lucas Shaw as they dive into a shocking $132 million accounting blunder at Macy's. Moser reveals how such massive sums can go missing and discusses the impact of weight-loss drugs on junk food trends. Shaw shifts gears to explore Netflix's strategy on live events, emphasizing a transition from quantity to quality in content production. The duo also touches on Netflix's challenges in balancing gaming and film, highlighting the company's innovative approaches in a post-pandemic landscape.
29:50
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Quick takeaways
- Macy's accounting error highlights critical gaps in oversight, emphasizing the need for stronger auditing practices within corporations to prevent significant financial discrepancies.
- The rise of GLP-1 weight loss drugs is reshaping consumer preferences, forcing food manufacturers to innovate and adapt their product lines to meet changing health-conscious demands.
Deep dives
Macy's Accounting Error Uncovered
Macy's reported a significant accounting error related to small package delivery expenses, exceeding $100 million. The error was attributed to a single employee's incorrect accounting accrual, which went unnoticed for several years, raising questions about oversight and auditing processes. Interestingly, Macy's clarified that this discrepancy did not affect the company's cash management or vendor payments, suggesting that the funds were not stolen but rather misreported. In the broader context of Macy's financials, this accounting issue represents a relatively small portion of its overall SG&A expenses, which total around $8.3 billion annually.
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Discover
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