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I also mentioned this next point in the above paragraph, but I will restate it here: your character or well-meaning intentions do not excuse racism.
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Now we'll restate it another way, so that we compare benefits instead.
It's been said so many times this week, it hardly needs restating, but I'll restate it anyway: the financial collapse we're in the middle of, and the trillion dollar federal bailout now planned, is a once in a century event.
Freddie Mac said that it massaged its accounting to deliver steady earnings growth and that it will restate its results upward for the past three years by as much as $4.5 billion.
It will restate its results for 2003, 2004, 2005 and the first quarter of this year.
It will restate its financial statements for the fiscal year ended in June 2002, but not for earlier periods.
MSC Industrial Direct NYSEE: MSM) of Hauppauge says it will restate its financial results for the years 2000 and 2001, reducing net income by a total of $7 million.
Now Xerox will restate its past results, and it will get to count some of those revenues again.
In addition, Globecomm will restate its revenues to exclude $12.6 million that it had expected to collect on contracts from this customer.
The accounting misconduct also resulted in inflated earnings, so the company will restate its net income for the period by $50 million to $150 million, it said.
But the announcement that Diamond Foods will restate its earnings almost certainly meets the high threshold for a MAC.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com