The housing market bulls never cease to amaze me. Pulte Homes pulled a brazen earnings management stunt in their Q3 earnings reported yesterday and now I’ve got some former Big-4 accounting firm audit geek harassing me about my interpretation of accounting guidlines. It’s hilarious. I couldn’t resist but point out that it’s the big accounting firms that tend to go under after they’ve been prosecuted and found guilty for aiding and abetting accounting fraud. Anyone remember Enron? That’s why what used to be the Big 8 is now the Big 4. In order to prevent further embarrassment to the highly paid regulators who are supposed to oversee the accounting standards being applied, the FASB and the SEC just made the accounting rules and standards significantly more liberal and more open for a very wide range of “opinion.”
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