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Bush's speech on corporate fraud...
What about government fraud?
President Bush's speech in Washington, DC, on "corrupt corporate accounting" overlooked a far more serious problem: corrupt government accounting. When it comes to cooking the books, Uncle Sam is a master chef. The federal government claims its debt is about $6 trillion, when in fact the actual debt includes $12.9 trillion in federal obligations to people who are owed Social Security and Medicare benefits, and $16.9 trillion for Medicare benefits. The actual federal debt is approximately $36 trillion. How dare Mr. Bush chastise business executives when the organization that he runs � the federal government � has a hidden debt that is 7,500 times as large as Enron's? And hidden debt is just the most obvious example of government accounting fraud. The government also cooks the books with gimmicks like Forward Funding (known as "financial fraud" when CEOs do it).

posted by Hal 6:51 PM