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UNDER INVESTIGATION. AOL TIME WARNER; by the Securities and Exchange Commission (SEC); over accounting practices. The SEC fact-finding inquiry, which the media giant (and TIME's parent) disclosed last week, is looking into whether its AOL division properly accounted for $270 million of revenue over the past two years. Both AOL and its auditors say the accounting was appropriate...
Media Probe The U.S. Justice Department is investigating accounting practices at Time's parent, AOL Time Warner. The SEC is conducting a similar inquiry...
That last phrase looms large in Bush's thinking. He resisted much of what the Senate proposed until the political pressure became overwhelming. He is now urging Congress to pass quickly the reform bill, which stiffens penalties for fraud and increases funding for the SEC, whose budget growth he had limited in February. Whatever legislation Bush signs will not address the widespread use and misuse of stock options, which have been cited as one of the main culprits of the market bubble and accounting legerdemain: the higher a company's reported profits, the higher go stock prices, and the more...
...Growth in the SEC's budget from...
...CHENEY was Halliburton's CEO, the company's construction contracts allowed it to negotiate for additional payment if cost overruns hurt profits. In 1998, the company began listing those disputed claims as revenue, even when clients had not yet agreed to pay. Two months ago, Halliburton disclosed that the SEC was investigating the aggressive accounting...