The allegations included overstating earnings, understating asset values, forging invoices, and paying excessive executive bonuses.
This suggests the last two months of job growth may be understating labor market momentum.
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Mr Bush's administration was sometimes accused of the opposite bias: understating benefits and overstating costs.
Mr. Tenet's Oct. 7 letter made clear that the analysts had been understating the problem.
With earnings on a higher growth path, current yields were understating the attractiveness of equities.
In their view, California was 47th out of 50, and that might be understating their feelings a bit.
In fact, one could reasonably argue that Hess is even understating the lack of incentives in the Pell program for controlling costs.
By the same token, today's benign core inflation figures may be understating price pressures, particularly given the falling dollar and record oil prices.
Now, some of these merger fiends may be terrific companies, but it would be wishful thinking to suppose that any of them are understating their earnings.
Consequently, it is alleged that Elles caused the understating of expenses in some quarters and the subsequent overstatement of income in the corresponding quarters.
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Banks, axiomatically, act like mismanaged countries, understating liabilities and overstating assets.
And that may be understating the popularity of the services.
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Prosecutors say he lied about the performance of the fund almost from the beginning, overstating gains and understating losses, even saying there were gains where there had been losses.
Expensing is good policy: Depreciating investment outlays over time for tax purposes delays deductions that lose value with time and inflation, understating costs and overstating (and overtaxing) real profit.
If the IRS catches you overstating a deduction or understating an item of income, you'll get hit up by a state tax agency as soon as you have paid the feds.
Goldman has already faced criticism in Europe this year for a series of transactions with Greece that exploited loopholes in EU accounting rules and had the effect of understating Greece's budget deficit.
Over a year ago, more than a dozen former employees gave statements that outlined a scandalous litany of misdeeds--deliberately understating costs, hiding bad debt, backdating contracts to book orders earlier than accounting rules allow.
Investigators are examining whether the companies overstated the benefits of exotic-sounding ingredients while understating the role of caffeine, a common stimulant that industry critics believe to be the main active ingredient, that person said.
And it is probably better to err on the side of overstating the problem than understating it because there is growing concern about the extent to which the housing market can recover from the subprime crisis.
The roundtable has been accused of ignoring some valuable components of pay, such as pension benefits and dividend payments on restricted shares held by bosses, and of understating the value of options and other equity grants made to them.
Even so, it is moot whether banks really will feel like taking on the real credit risks of lending more to small businesses, for example, when they are being lectured by Sir Mervyn that they have been understating the risks on their historic lending.
And those who lament the severity of student-athlete exploitation are understating the direct and long-term monetary value of an athletic scholarship and overstating how much revenue generated by schools is due to individual student-athletes as opposed to the brand identity of the institutions they play for.
So where does that leave Bob Diamond, Barclays' chief executive - whom some have said should quit, because he ran Barclays' investment bank during the period when its traders were trying to manipulate the important Libor interest rates and when the bank was understating what it had to pay to borrow?
But without understating any of those difficult and strategic technology choices, the massive potential of sweeping Big Data initiatives are forcing CIOs to be fully capable business leaders who can collaborate with other leaders to map out the strategic vision and intent, and imagine some of the competitive disruptions that are likely to result.
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One under-reported but highly significant aspect of the whole extraordinary incident is that Mr Dimon announced that he was abandoning a new financial system for monitoring the risks run by the Chief Investment Office and reverting to the old one - because the new model was chronically understating the potential losses the bank could have generated on any given day.
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