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Audit Integrity
Financial Condition of TARP Bailout Companies Likely Worse Than Publicly Disclosed, Analysis Finds
January 10th, 2009
The vast majority of financial services companies being bailed out under the Federal Troubled Assets Relief Program (TARP) are likely in worse condition than publicly disclosed, according to an analysis announced by Audit Integrity, an independent research firm that measures corporate integrity risk. More than 80 percent of TARP financial services companies have a “Very Aggressive” or “Aggressive” Accounting and Governance Risk (AGR) rating based on their most recent regulatory filings. As a result, these companies have a high statistical likelihood they will restate their earnings and suffer from other adverse events, including regulatory actions, shareholder...
Source: Law & Health Weekly (2009-01-10)
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