Well looks like Diebold may be the latest Enron. The company that brought your those buggy electronic voting machines has been finagling their balance sheets with a practice known as “bill and hold”. Under bill and hold, ownership of a product contractually passes to a customer and revenue shows up on the balance sheets prior to delivery of the product to the customer. In other words they show the income before the check clears. As a freelance writer I can tell you that really won’t work for long.
Thanks to Bradblog.com for the news. That little tidbit as their stock hits a 5-year low and the company seems destined to continue sinking as the SEC and the DOJ are now investigating it. Add that to the fact that study after study shows that their electronic voting machines are easily hackable and I really don’t see them recovering. Couldn’t happen to a nice group of Bush supporters!
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