If crises can hit us at any moment for no reason, and not because, say, governments impose self-reinforcing down-spiral accounting rules on the banks, then it is easier to believe that we should spend our time figuring out ways to mitigate the inevitable consequences rather than trying to prevent what cannot be prevented.

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It's possible that by restating earnings down far enough for the past few years, Bristol could avoid accounting for inventory work-down in 2003.

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Accounting scandals took down numerous Chinese companies and even the savviest of their U.S. investors in recent years.

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