“Enron has been pretty much synonymous with fraudulent accounting, scandal, and plain bad business since it went bankrupt in 2001,” Jen Wieczner reports for Fortune. “Apple, meanwhile, is not only the world’s most valuable company, it’s also No. 1 on Fortune’s list of World’s Most Admired Companies.”
“What do the two companies have in common? More than you might think, at least according to Andy Fastow, Enron’s former CFO who was convicted and went to jail for fraud, and now lectures at corporate events,” Wieczner reports. “Apple has been accused in the last few years of using its Irish subsidiaries to shelter profits offshore and evade paying taxes, most recently by the European Commission, which is investigating whether the company owes it billions of tax dollars.”
Wieczner reports, “Fastow’s point, at least according to according to Kase Capital hedge fund manager Whitney Tilson, who attended the talk, was that Apple ‘is engaged in tax dodging behavior that, while perhaps technically legal, is clearly designed to increase profits and inflate the stock by misleading and confusing regulators (and perhaps investors) via a massively complex web of entities.'”
Read more in the full article here.
MacDailyNews Take: Poppycock.