I am not a member of the Yahoo Group where these items are posted. I feel I must answer some of the questions and comments made about missing financial information.
Do they know anything about business?
Stan Jensen Wed Jul 2, 2008 8:45 pm
One has to wonder why 'they' are always attacking the accounting staff at 3ABN.
Do they think Danny does all of the entries? That the 3ABN external auditor is not competent?
It would appear that some of the major complainers have never run a business, successful or not, yet they seem to be all knowing on running an international multimillion dollar organization.
Am I missing something? Does Danny do all the accounting etc?
Who are "they"? I am assuming you were not speaking of me at all.
I have never accused Danny of doing any accounting entries.
I have never even thought that Danny had entered any of the accounting entries, except in the beginning when the accounting was probably on scrap paper because they had nothing but the vision of the future of 3ABN. I have heard it was hand to mouth in the beginning, just like many start up companies are.
I have never accused any auditors of being "incompetent" in their findings. I believe their findings were 99.9% correct. In fact, their reports are what I have based many of my concerns.
I have also used the 3ABN vs. IL Property Tax Lawsuit findings.
I have also talked about eBay for which I have documentation.
My concerns have always been about what is missing, not what is there.
So that would not be stating that Danny was active in any posting. However, in my opinion, he could have been involved in things that did NOT get posted.
I have done accounting for a multi-trillion dollar Agency, the Treasury Federal Bank. I had the job of posting Congressional Appropriations, and made adjustments all year long. At the end of each month, I had to balance the treasury with many agencies.
At another agency I moved money from Treasury to ANY agency. That was fun. I paid agency bills through Treasury. I was able to take money from their account at the Federal Bank. And, yes, Agencies spend money they do not have. Kind of like hot checks. I got to go fish and find an appropriation that would cover the bill. That was only if they did not respond to me as to what appropriation they wanted me to use. Sometimes Treasury had to create money! Yeah, for real!
I understand accounting processes on the large and small scale. I know the rules. I was a certified cash handler of "Petty Cash". Since much travel was accomplished the dollar amount was very large. I was there when they moved to Credit Cards, Cash Cards.
My American Express allowed me to make purchases/payments of $100,000 per transaction. I could do that all day long.
I have written Policy and Procedure Manuals for accounting in the government and for Private Businesses.
I have set companies up on the computer from manual bookkeeping. I set up "mean" cash controls and "very strict" separation of duties. By doing so, the business owners saw that several holes got plugged and exposed the ones skimming off the top.
I am nobody. However, I am an accountant, and was able to read the auditors reports and the 990's as well as the Tax Lawsuit. Everyone can go to these documents and read for themselves. The Auditors clearly state there were problems. They said it very well.