I would think that this sort of thing happens around most rich billionaires, Trump just happens to be in the spotlight. Would be much nicer if the same scrutiny could be applied equally, not just based on who’s in power
80% of Borgers customers have over the counter stock. Trump Media was their highest market cap customer. I'm not sure you can argue this, given the history of SEC looking at BF Burgers audits.
Did Jeff Bezos launch a public company with essentially no revenue, but his initials as the stock ticker so his fans would buy the stock anyway? And did it turn out the audits of his company are entirely fake?
It's ridiculous to claim that every billionaire does this stuff.
"Did Jeff Bezos launch a public company with essentially no revenue"
Perhaps not, but this is pretty much how venture capitalists do business. Most VC backed 'unicorns' don't make any money. Are we now going to fake being shocked and appalled when someone we don't like politically is doing the same thing?
The ft.com article is paywalled, but the yahoo.com summary makes the auditor, BF Borgers, out to be faking each and every audit they "performed" for years, with a 100% deficiency rate. Also one of the most prolific auditors, and 80% of its customers are over the counter stocks.
This raises a couple of questions in my mind. First, don't any corporations care about the quality of an audit? I would think an audit would be useful in a number of ways, like are your internal books ok? Is any division in the company faking it? Are we inadvertantly spending more or less than we think?
Second, how did BF Borger get new customers? Do CEOs recommend shady service companies to each other?
Third, how did BF Borger retain employees? I've left jobs where I thought nothing interesting was happening, how do people stick around just to fudge documents and fake meetings?
Edit: Isn't the headline misinformation by editorializing? Trump Media's audit company was shutdown, so it has to re-audit. Key Q: Does a publicly-traded company have to cease operations if it needs to re-audit?
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[ 3.7 ms ] story [ 31.0 ms ] threadIt's ridiculous to claim that every billionaire does this stuff.
Perhaps not, but this is pretty much how venture capitalists do business. Most VC backed 'unicorns' don't make any money. Are we now going to fake being shocked and appalled when someone we don't like politically is doing the same thing?
It’s silly to pretend that Trump Media is just a regular tech unicorn.
Drug-test sport winners!
This raises a couple of questions in my mind. First, don't any corporations care about the quality of an audit? I would think an audit would be useful in a number of ways, like are your internal books ok? Is any division in the company faking it? Are we inadvertantly spending more or less than we think?
Second, how did BF Borger get new customers? Do CEOs recommend shady service companies to each other?
Third, how did BF Borger retain employees? I've left jobs where I thought nothing interesting was happening, how do people stick around just to fudge documents and fake meetings?
https://archive.ph/YjTtZ