April 27, 2010

On the one hand, the lack of transparency in accounting standards is what ultimately allowed these infractions to occur. However, due to distortions in the tax code, companies had a much greater incentive for wrongdoing. In other words, it paid much more to break the law in the 1990s by cooking the books than it did in the 1980s (when it paid more to blindly chase the debt instruments that were financing LBOs).

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