Mario Draghi’s Lies Annotated, And A Brief Glimpse At The Truth

Jon Alternative Media, Blogosphere, Economy, Government

UK supermarket operator Tesco has suspended four executives after discovering a $408 million “serious accounting issue” in its latest financial statements. In a reflection of Walgreen’s earlier ‘forecassting errors’, it appears everyone’s optimism is now costing them their jobs as Tesco admits the executives were “early booking commercial income and delayed booking costs.” And that – in one simple sentence – is the optimistic, we-are-sure-the-income-will-be-there, way to “solidly beat” expectations quarter-after-quarter.
As WSJ reports,
Tesco suspended four senior executives and called in outside auditors and legal counsel to investigate a 250 million ($408.8 million) overstatement of the U. K. supermarket operator’s forecast first-half profit. Tesco’s newly installed chief executive, Dave Lewis, said on Monday that the company has uncovered a “serious” accounting issue.

This post was published at Zero Hedge on 09/22/2014.