>
>Michael Pollak wrote:
>
>>Where I want to know is where is Double D, the Doughty Defender of the
>>accounting profession, now in their hour of need :o)
Keeping my head down and hoping everyone would forget I said it, like all other self-respecting stockbrokers (a small minority, I admit, but we exist).
Actually, I think that on the whole, I'll double up bets in the hostage-to-fortune stakes and point out that I was always a defender of *British* accounting and follow the director of the Confederation of British Industry who was on the Today programme this morning saying that, since the UK cleared up its accounting standards, "it couldn't happen here".
A detailed assessment of that claim, which I hope will also answer some of Carl's points below, may be forthcoming this afternoon -- in these bearish times, there is a surprising amount of work for a young chap who doesn't have a pleasant word to say about anyone.
In the meantime, I'd just point out the following fact:
E-toys had a larger market capitalisation than Toys-R-Us.
Anyone who thinks that the bubble had anything whatever to do with dodgy accounting really does need to come up with an explanation for that one; as far as I am aware, nobody has ever suggested that the losses made by E-toys in every quarter of its short existence were materially different in their massiveness from the ones it reported.
dd
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