The Financial Times makes the link between standards in company accounting and national accounting. “The wheezes with figures employed by politicians and government would make even some of the boldest executives blush.”
Since president Bush declared himself shocked, just shocked at the accounting scandals emerging in the US, the FT directs some of its attention to his accounts. “Last year the International Monetary Fund gently suggested that [Bush’s] $1,350bn tax cuts underestimated the true cost by $490bn because the administration had failed to account for additional debt interest. The necessary restatement of the US accounts would be 129 times that of WorldCom.”