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[quote user="CMStPnP"] [quote user="schlimm"] sam1 was a corporate accountant.   What are your credentials to stand in judgement?   And BTW, it is pseudo+whatever.   [/quote]   There is nothing wrong with offering that insight.    Nothing wrong with the counterpoints either. However, we have to be careful not to exclude others from the discussion when we delve to far into the numbers game.  I have for one stated before, I understand her background but most Senior management types are from Sales not Accounting #1,   #2 CPA license does not establish a competence or honesty with numbers, exhibit A:  Enron collapse.........saw part of that first hand, myself.     #3 very rare a high level Executive asks for the accounting numbers unless it is a problem they do not fully understand, most manage by the seat of their pants.     Jack Smith of GM, perfect example. That's been my experience as a Business Consultant.    I know that breaks Sam1's heart but seriously that's how large firms in the U.S. are predominantly managed.      TXU might have been different but I would not rate TXU as a well managed firm or one that seizes opportunity when it appears.........they are not a whole lot different than Amtrak in many respects.............watching the world pass by and occasionally sticking their neck out to see what the other guy is doing and then trying to catch up with them. [/quote] There were several large electric and gas energy companies headquartered in Dallas whilst I was employed there.  You have no idea who I worked for.   The officers of the company are part of the executive team.  Senior managers and directors are the next level or two down.   You probably have no idea how electric utilities are managed. Especially TXU!  In fact, most of the executives were engineers, accountants, finance officers, etc.  That changed after deregulation.   What type of a business consultant are you?  What is your discipline?  Other than having been associated with GM, one of the largest business failures ever in American business history, what are your credentials? Lifting up an exception, i.e. Enron, and generalizing it to the population as a logical fallacy.  Accounting is an discipline that is governed by a robust set of standards.  Having said that, is contains a fair amount of wiggle room, i.e. use of estimates for depreciation, reserves, etc.  Thus, it is important when reading financial statements to understand their strengths and weaknesses. Every number that I have presented, with one long ago exception, is taken from Amtrak's published records, i.e. Annual Report, Monthly Operating Reports, IG reports.
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