With all the accounting scandals flying around in the past few years, perhaps it's unsurprising to find that the recently released book The dumbest moments in business history contains a whole chapter dedicated to the world of accounting.
There are some wonderful tales of financial cock-ups and just plain wrongdoing in the book. TS particularly liked the story of Ivar 'The Match King' Kruger, who managed to build an entire matchstick empire by inflating figures, counterfeiting government bonds and falsifying securities documents. In a spectacular Maxwell-type moment, Kruger shot himself when he saw the game was nearly up.
But our favourite quote from the book was undoubtedly: 'The shame of it all is that underlying the debt and the restatement and the alleged fraud is a really great company.' We salute you John Sidgmore, former CEO of WorldCom.
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