Election Fraud and the Future of America

One of my big fears about yesterday’s election was that fraud would play a big part in the results. I know that fraud was at work, but I don’t know how much of an impact it had. It is incomprehensible to me that so many things in this world require picture identification – – getting on an airplane, buying liquor, entering a bar, cashing a check… Yet a cornerstone of the democratic process in this great Republic – – voting – – requires no such identification. Any rational person admits that this opens the door to plenty of fraud.

And there was the whole debacle with a Wisconsin judge deciding that we’d ignore a federal election law. The federal law said that voter registrations had to be cross-checked with other records maintained by the state. And a judge said “no thank you.”

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ShopToEarn Business Builder Commission Rules as of 7/26/08

The information reproduced here is from a ShopToEarn communication to brokers. It is being posted here for educational and critique purposes, as permitted under fair use principles.

There are two qualifications that a Business Builder must maintain to receive SCORE! Commissions:

A. A Business Builder must refer at least 3 Website Owners and place at least one on the Left Side and at least one on the Right Side to become qualified to SCORE! If after the end of a year, one of those Website Owner’s fails to renew his/her Website Owner status, that Business Builder must refer another Website Owner to become qualified to SCORE!

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Gross incompetence at Overstock.com

Overstock.com (NASDAQ:OSTK) and its “colorful” CEO Patrick Byrne have a history of something…. At worst, it’s a history of misleading investors with false information, incomplete and inaccurate disclosures, and phony accounting measures. At best, it’s a history of gross incompentence that will never be overcome.

Sam Antar points out an interesting inclusion in Overstock.com’s third quarter financials and earnings release.

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Why Audits Are Near Worthless (Yes, Internal Audit Too)

Francine McKenna at re: The Auditors has an interesting post and set of comments about internal audit functions at public companies and the importance of internal auditors.

External auditors look at a company’s financial statements and a small amount of underlying transactions in order to issue a report that the financial statements are properly presented. (It’s really a check of math and application of accounting rules.) The financial statement audits aren’t designed to detect fraud, and so they almost never do.

In contrast, the internal audit function is engaged in ongoing audits of the financial reporting process and other numbers-related projects. The scope of internal audit work varies greatly from company to company.

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