Wrong Way to Admit You Blew Millions of Dollars: Jonathan Weil
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Somewhere in the vast interior of China last year, almost a half-billion dollars of cash belonging to Caterpillar Inc. vanished. So how did the company soften the blow when it broke the news to investors?
Easy. Caterpillar said the loss was “non-cash.” See? Accounting tricks don’t have to be complex after all.