It should be another interesting week in the USA.
When you say cocaine bear, is that a term of endearment for trump, jr?
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From the BBC. My question for the experts in the LR is with the technology that we have: video, audio, text to speech translation etc. why do we need court stenographers anymore?
New York Judge Arthur Engoron has just asked the prosecutor and Donald Trump Jr to “slow down” their speech as the court stenographer can’t keep up with the “rapid-fire” pace, he says.
“I apologise your honour, I moved to Florida, but I kept the New York pace,†Trump Jr says.
At the same time, Engoron asks the prosecutor to get through questions more quickly.
From the BBC. My question for the experts in the LR is with the technology that we have: video, audio, text to speech translation etc. why do we need court stenographers anymore?
New York Judge Arthur Engoron has just asked the prosecutor and Donald Trump Jr to “slow down” their speech as the court stenographer can’t keep up with the “rapid-fire” pace, he says.
“I apologise your honour, I moved to Florida, but I kept the New York pace,†Trump Jr says.
At the same time, Engoron asks the prosecutor to get through questions more quickly.
“I have no understanding (of GAAP) … that’s what we have CPAs for,†Trump Jr. said, using the common acronym for “certified public accountant.â€
if you have no understanding of GAAP, you’re absolutely unprepared to manage any business beyond the most basic, small, service business. if you don’t understand GAAP you will not own your business; your business will own you. you’ll be constantly behind, if you’re awaiting your CPA’s analysis of what your business did, rather than knowing at any moment of any day how your business is doing. if you don’t understand GAAP you’re certainly unprepared to run anything beyond your business. (like a country, which his dad did.)
but here’s the more salient point. he’s a graduate of wharton school and graduated with a degree in… economics.
so, really, he’s just a liar. i hope the judge understands this. i graduated from the university of nevada with a degree in… biology. and i had to bone up on the basics of GAAP accounting because if you aren’t conversant with GAAP you can’t read a financial statement; you can’t produce one; you can’t understand the tax implications on actions you take; you can’t know the health and strength of your business.
he is either a liar, or he’s not fit for any job at the company beyond answering phones.
From the BBC. My question for the experts in the LR is with the technology that we have: video, audio, text to speech translation etc. why do we need court stenographers anymore?
New York Judge Arthur Engoron has just asked the prosecutor and Donald Trump Jr to “slow down” their speech as the court stenographer can’t keep up with the “rapid-fire” pace, he says.
“I apologise your honour, I moved to Florida, but I kept the New York pace,†Trump Jr says.
At the same time, Engoron asks the prosecutor to get through questions more quickly.
“I have no understanding (of GAAP) … that’s what we have CPAs for,†Trump Jr. said, using the common acronym for “certified public accountant.â€
if you have no understanding of GAAP, you’re absolutely unprepared to manage any business beyond the most basic, small, service business. if you don’t understand GAAP you will not own your business; your business will own you. you’ll be constantly behind, if you’re awaiting your CPA’s analysis of what your business did, rather than knowing at any moment of any day how your business is doing. if you don’t understand GAAP you’re certainly unprepared to run anything beyond your business. (like a country, which his dad did.)
but here’s the more salient point. he’s a graduate of wharton school and graduated with a degree in… economics.
so, really, he’s just a liar. i hope the judge understands this. i graduated from the university of nevada with a degree in… biology. and i had to bone up on the basics of GAAP accounting because if you aren’t conversant with GAAP you can’t read a financial statement; you can’t produce one; you can’t understand the tax implications on actions you take; you can’t know the health and strength of your business.
he is either a liar, or he’s not fit for any job at the company beyond answering phones.
Or both could be true. I think we all know how he got into Wharton.
he is either a liar, or he’s not fit for any job at the company beyond answering phones.
Answering phones might be beyond his grasp also.
Or both could be true. I think we all know how he got into Wharton.
I could be wrong, but didn’t a professor at Wharton once say trump was the dumbest student he ever had? I’ll bet trump jr makes the top 5 of that category also.
From the BBC. My question for the experts in the LR is with the technology that we have: video, audio, text to speech translation etc. why do we need court stenographers anymore?
New York Judge Arthur Engoron has just asked the prosecutor and Donald Trump Jr to “slow down” their speech as the court stenographer can’t keep up with the “rapid-fire” pace, he says.
“I apologise your honour, I moved to Florida, but I kept the New York pace,†Trump Jr says.
At the same time, Engoron asks the prosecutor to get through questions more quickly.
**“I have no understanding (of GAAP) **… that’s what we have CPAs for,†Trump Jr. said, using the common acronym for “certified public accountant.â€
if you have no understanding of GAAP, you’re absolutely unprepared to manage any business beyond the most basic, small, service business. if you don’t understand GAAP you will not own your business; your business will own you. you’ll be constantly behind, if you’re awaiting your CPA’s analysis of what your business did, rather than knowing at any moment of any day how your business is doing. if you don’t understand GAAP you’re certainly unprepared to run anything beyond your business. (like a country, which his dad did.)
but here’s the more salient point. he’s a graduate of wharton school and graduated with a degree in… economics.
so, really, he’s just a liar. i hope the judge understands this. i graduated from the university of nevada with a degree in… biology. and i had to bone up on the basics of GAAP accounting because if you aren’t conversant with GAAP you can’t read a financial statement; you can’t produce one; you can’t understand the tax implications on actions you take; you can’t know the health and strength of your business.
he is either a liar, or he’s not fit for any job at the company beyond answering phones.
From the BBC. My question for the experts in the LR is with the technology that we have: video, audio, text to speech translation etc. why do we need court stenographers anymore?
New York Judge Arthur Engoron has just asked the prosecutor and Donald Trump Jr to “slow down” their speech as the court stenographer can’t keep up with the “rapid-fire” pace, he says.
“I apologise your honour, I moved to Florida, but I kept the New York pace,†Trump Jr says.
At the same time, Engoron asks the prosecutor to get through questions more quickly.
My daughter did court reporting for a while and it was with a mask she spoke into. There were certain sounds and things she would use for punctuation and things. From what I remember, for major court cases, they used a stenographer, but for smaller hearings like unemployment cases and such, they used what they called mouth readers.
One of the reasons I have heard of stenographers instead of tapes, tapes can be doctored, it’s much harder with a stenographer’s notes.
From the BBC. My question for the experts in the LR is with the technology that we have: video, audio, text to speech translation etc. why do we need court stenographers anymore?.
You need a transcript to have an appeal — you need some way to cite the testimony to judges who were not there. But, that does not mean you need a human in the trial court who is generating a contemporaneous transcript. One can have the testimony recorded and then transcribed separately.
From the BBC. My question for the experts in the LR is with the technology that we have: video, audio, text to speech translation etc. why do we need court stenographers anymore?.
You need a transcript to have an appeal — you need some way to cite the testimony to judges who were not there. But, that does not mean you need a human in the trial court who is generating a contemporaneous transcript. One can have the testimony recorded and then transcribed separately.
Yeah I understand that a transcript is needed but your explanation of not needing a human in the court makes sense.
The dumbest trump- Eric-takes the stand later today after his coked out brother finishes.
Daddy trump is on Monday 11/6 and then his favorite child testifies on Wednesday 11/8.
From the BBC. My question for the experts in the LR is with the technology that we have: video, audio, text to speech translation etc. why do we need court stenographers anymore?
New York Judge Arthur Engoron has just asked the prosecutor and Donald Trump Jr to “slow down” their speech as the court stenographer can’t keep up with the “rapid-fire” pace, he says.
“I apologise your honour, I moved to Florida, but I kept the New York pace,†Trump Jr says.
At the same time, Engoron asks the prosecutor to get through questions more quickly.
“I have no understanding (of GAAP) … that’s what we have CPAs for,†Trump Jr. said, using the common acronym for “certified public accountant.â€
if you have no understanding of GAAP, you’re absolutely unprepared to manage any business beyond the most basic, small, service business. if you don’t understand GAAP you will not own your business; your business will own you. you’ll be constantly behind, if you’re awaiting your CPA’s analysis of what your business did, rather than knowing at any moment of any day how your business is doing. if you don’t understand GAAP you’re certainly unprepared to run anything beyond your business. (like a country, which his dad did.)
but here’s the more salient point. he’s a graduate of wharton school and graduated with a degree in… economics.
so, really, he’s just a liar. i hope the judge understands this. i graduated from the university of nevada with a degree in… biology. and i had to bone up on the basics of GAAP accounting because if you aren’t conversant with GAAP you can’t read a financial statement; you can’t produce one; you can’t understand the tax implications on actions you take; you can’t know the health and strength of your business.
he is either a liar, or he’s not fit for any job at the company beyond answering phones.
I believe you are off the mark a little with this rant, if that is a good word for the post. For Trump Jr to say he has “no understanding (of GAAP)” might me an understatement on his part, I would not expect someone that is running a company as complex as Trump’s conglomerate to have enough knowledge of GAAP to be the expert. His statement regarding CPA’s is literally why they are licensed to be a CPA and why we pay them so much.
i sit at the top of a single division of a much larger publicly traded company. I have a CFO and a CPA working in my accounting department. We are small and simple compared to the Trump companies and I would never go against either one of them. Sure, I understand what they did and how they did it, and I ask a lot of questions before I sign my name to the reports, but if they don’t know what they are doing there is little chance that I will catch it. The financial data and reports are just too complicated. I have spoken with other division GM’s about this and I’m not an outlier. That’s not to say that I wouldn’t go down if I signed a fraudulent report, whether I knew it was fraudulent or not, my name is still the certifying officer and I would go down with the rest of the group.
Also, from what I can see from public documents, this is not really a GAAP violation, although that is what they are going after. This is intentional fraud - cooking the books for gain - and that should have been obvious to the reviewer. Trump and Trump Jr. have no defense for that.
As a background, I have neither a BS or an MS in accounting. BS is Applied Mathematics, MS is Business Management.
From the BBC. My question for the experts in the LR is with the technology that we have: video, audio, text to speech translation etc. why do we need court stenographers anymore?
New York Judge Arthur Engoron has just asked the prosecutor and Donald Trump Jr to “slow down” their speech as the court stenographer can’t keep up with the “rapid-fire” pace, he says.
“I apologise your honour, I moved to Florida, but I kept the New York pace,†Trump Jr says.
At the same time, Engoron asks the prosecutor to get through questions more quickly.
“I have no understanding (of GAAP) … that’s what we have CPAs for,†Trump Jr. said, using the common acronym for “certified public accountant.â€
if you have no understanding of GAAP, you’re absolutely unprepared to manage any business beyond the most basic, small, service business. if you don’t understand GAAP you will not own your business; your business will own you. you’ll be constantly behind, if you’re awaiting your CPA’s analysis of what your business did, rather than knowing at any moment of any day how your business is doing. if you don’t understand GAAP you’re certainly unprepared to run anything beyond your business. (like a country, which his dad did.)
but here’s the more salient point. he’s a graduate of wharton school and graduated with a degree in… economics.
so, really, he’s just a liar. i hope the judge understands this. i graduated from the university of nevada with a degree in… biology. and i had to bone up on the basics of GAAP accounting because if you aren’t conversant with GAAP you can’t read a financial statement; you can’t produce one; you can’t understand the tax implications on actions you take; you can’t know the health and strength of your business.
he is either a liar, or he’s not fit for any job at the company beyond answering phones.
I believe you are off the mark a little with this rant, if that is a good word for the post. For Trump Jr to say he has “no understanding (of GAAP)” might me an understatement on his part, I would not expect someone that is running a company as complex as Trump’s conglomerate to have enough knowledge of GAAP to be the expert. His statement regarding CPA’s is literally why they are licensed to be a CPA and why we pay them so much.
i sit at the top of a single division of a much larger publicly traded company. I have a CFO and a CPA working in my accounting department. We are small and simple compared to the Trump companies and I would never go against either one of them. Sure, I understand what they did and how they did it, and I ask a lot of questions before I sign my name to the reports, but if they don’t know what they are doing there is little chance that I will catch it. The financial data and reports are just too complicated. I have spoken with other division GM’s about this and I’m not an outlier. That’s not to say that I wouldn’t go down if I signed a fraudulent report, whether I knew it was fraudulent or not, my name is still the certifying officer and I would go down with the rest of the group.
Also, from what I can see from public documents, this is not really a GAAP violation, although that is what they are going after. This is intentional fraud - cooking the books for gain - and that should have been obvious to the reviewer. Trump and Trump Jr. have no defense for that.
As a background, I have neither a BS or an MS in accounting. BS is Applied Mathematics, MS is Business Management.
i, like you, ran a small division of a larger public company. i, like you, did not have a full knowledge of GAAP accounting. but i did not have no knowledge of it.
i have <<<<:::: no ::::>>>> understanding .
that is what he said.
do you know the difference between cash and accrual accounting? do you understand how depreciation schedules work? can you read a balance sheet and an income statement? do you know on what basis inventories are priced? (what you paid, or what it’s worth). do you understand what it means to take a write-down on certain inventories? do you know the difference between a tax deduction and a tax credit? if so, then you get the basis of GAAP accounting.
you don’t have to be up on all the latest tax rules. yes, that’s why you (and i) have a CPA. you don’t have to spend all day long being immersed in nothing other than the financial elements of your company, like days of inventory, value of work in progress, outstanding AR and AP, how many days of AR, your long and short term debt an so on. yes, that’s why you have a CFO.
but i had a basic understanding of GAAP and i’ll bet you do too. i also had a rudimentary understanding of machining, welding, sales, marketing, HR, and everything else, because as a manager if i didn’t know at least some of what was going on in the various parts of my businesses then how could i manage them? but the fact that i employed an HR manager did not mean i had no understanding of HR.
i would guess you have a pretty good basic understanding of the principles of GAAP, as opposed to mr. Wharton School economics degreed no-nothing.
So there are two possibilities:
Don Jr is a full of shit and lied on the stand.
Don Jr is a complete idiot.
Or both.
None of those help the trump Organization or him in this trial.
I’ll go with Both for $500, Alex.
I’ll go with Both for $500, Alex.
“Criminally Incompetent” is the trump family motto.
I believe you are off the mark a little with this rant, if that is a good word for the post. For Trump Jr to say he has “no understanding (of GAAP)” might me an understatement on his part, I would not expect someone that is running a company as complex as Trump’s conglomerate to have enough knowledge of GAAP to be the expert. His statement regarding CPA’s is literally why they are licensed to be a CPA and why we pay them so much.
i sit at the top of a single division of a much larger publicly traded company. I have a CFO and a CPA working in my accounting department. We are small and simple compared to the Trump companies and I would never go against either one of them. Sure, I understand what they did and how they did it, and I ask a lot of questions before I sign my name to the reports, but if they don’t know what they are doing there is little chance that I will catch it. The financial data and reports are just too complicated. I have spoken with other division GM’s about this and I’m not an outlier. That’s not to say that I wouldn’t go down if I signed a fraudulent report, whether I knew it was fraudulent or not, my name is still the certifying officer and I would go down with the rest of the group.
Also, from what I can see from public documents, this is not really a GAAP violation, although that is what they are going after. This is intentional fraud - cooking the books for gain - and that should have been obvious to the reviewer. Trump and Trump Jr. have no defense for that.
As a background, I have neither a BS or an MS in accounting. BS is Applied Mathematics, MS is Business Management.
i, like you, ran a small division of a larger public company. i, like you, did not have a full knowledge of GAAP accounting. but i did not have no knowledge of it.
i have <<<<:::: no ::::>>>> understanding .
that is what he said.
do you know the difference between cash and accrual accounting? do you understand how depreciation schedules work? can you read a balance sheet and an income statement? do you know on what basis inventories are priced? (what you paid, or what it’s worth). do you understand what it means to take a write-down on certain inventories? do you know the difference between a tax deduction and a tax credit? if so, then you get the basis of GAAP accounting.
you don’t have to be up on all the latest tax rules. yes, that’s why you (and i) have a CPA. you don’t have to spend all day long being immersed in nothing other than the financial elements of your company, like days of inventory, value of work in progress, outstanding AR and AP, how many days of AR, your long and short term debt an so on. yes, that’s why you have a CFO.
but i had a basic understanding of GAAP and i’ll bet you do too. i also had a rudimentary understanding of machining, welding, sales, marketing, HR, and everything else, because as a manager if i didn’t know at least some of what was going on in the various parts of my businesses then how could i manage them? but the fact that i employed an HR manager did not mean i had no understanding of HR.
i would guess you have a pretty good basic understanding of the principles of GAAP, as opposed to mr. Wharton School economics degreed no-nothing.
Of course I understand everything that you listed, and much more. You can’t run a company without that knowledge. You might not understand exactly how to do it, but you have to understand the principles and where to apply them. Trump Jr is lying when he says he has no knowledge.
My challenge to your post was in reference to calling Trump Jr out on his statement, and you implying that he should have a deep understanding of GAAP. I would bet that the GAAP principles that apply to him on a day to day basis are outside of our league (currently). That’s not to say that either one of us, in the same situation, wouldn’t take the due diligence to understand what we are being told before we proceeded.
As I said in my original post, this is not really measuring degrees of GAAP compliance. We aren’t splitting hairs on what should/could have been done. What they did, the unchallenged facts, are way outside that box.
I would love to go back in time a few years, but retain my business knowledge, and set in their shoes (without them present) and get a chance to see what they were really told and how obvious it was that it was wrong. My gut tells me it went something like this:
Our risk ratio is over 4.0. It needs to be around 3.2 to get the better loan covenants. What can we do?
Not much of anything. Our revenue it not high enough to compensate for our outstanding dept.
Then we need a more favorable asset evaluation. That will solve the problem.
If we do that we run the risk of going outside the normal bounds of accounting practices. I don’t recommend it.
Do it anyway. I don’t understand accounting stuff, and I bet no one else does. We’ve been doing this for years. What are the chances we get questioned this time?
Probably close to 0. OK, if that is what we all agree to do I’ll make it happen.