Money, Debt, Real Estate, and Credit talk with Jeff Underwood

Accounting practices by our States may be worse than how Enron handled their books.

The Huffington Post: During a second appearance onstage at the annual TED conference, Bill Gates spoke out against worsening state budget deficits caused by accounting “tricks” he said would make Enron’s former executives blush. The Microsoft co-founder and philanthropist said state budgets have received a puzzling lack of scrutiny and have been “riddled with gimmicks” aimed at deferring or disguising the true costs of public employees’ health care and pension obligations, citing California’s ongoing budget crisis as an example of creative deficit spending and the subsequent cuts to education spending as an unacceptable cost. Click Here to read the rest of the article Bill Gates goes on to say that even Enron would never had done this!

Here is also a quick video from the documentary “Enron, The Smartest Guys In The Room”.

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Jeff Underwood, The Street Economist

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