Word: audits
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Dates: during 1970-1979
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Officials of the Los Angeles-based United California Bank, with assets in excess of $5 billion, have promised to make good the subsidiary's losses up to $40 million when the audit is completed, but that will take months. "It's the most complicated affair I have come across in my long career," says Frank L. King, chairman of the Los Angeles bank, itself a subsidiary of Western Bancorporation, a holding company that controls 23 banks...
...heart of the dispute are Pergamon's profits. Under the accounting formula used by Maxwell, Pergamon had 1968 pretax profits of $5.04 million. But a special audit by Price Waterhouse, published two weeks ago, placed 1968 profits at only $1.2 million and Pergamon's year-end assets at $10.8 million rather than the $16.9 million originally reported...
Careless and poorly trained clerks have cost brokerage houses vast sums of money by losing or misplacing stock certificates. Incredible as it may seem, hundreds of millions of dollars worth of stock has simply disappeared. These losses are called "box differences" because the shortages are discovered during an audit of the strongboxes in which securities are stored. In order to make good to their customers, brokerages have to buy new stock in place of the lost shares. The high cost of replacing the box differences has contributed to the downfall of several firms and has strained many others...
...note in fine print saying, "The E-meter is not intended or effective for the diagnosis, treatment or prevention of any disease." Yet Hubbard's writings still manage to imply miracle cures: "You use Dianetics much the way you would use any remedy. When a fellow is burned, you audit out the burn. When a woman loses a loved one, you audit out the loss." Even germ-based diseases such as tuberculosis are said to respond to auditing...
...December, when the American Stock Exchange halted trading. The ban will be lifted when the company re-certifies its financial statements for the past three years. The SEC accused Continental Connector's management of issuing two proxy statements falsely stating that an audit, which included the Dunes, had been made in accordance with generally accepted accounting principles. As one result, the owners of the Golden Nugget casino have called off merger talks with Continental Connector...