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Disney Whistleblower Claims Parks Revenue Was Overstated By Billions
Posted on 8/20/19 at 5:38 am
Posted on 8/20/19 at 5:38 am
First GE, now this. How many of you believe that these two major names in publicly held corporate America are isolated bad apples and how many think this is potentially symptomatic of a broader enronization of stocks in an effort to drive up stock prices in the short term?
LINK
"A former financial analyst at the Walt Disney Co. is claiming the company regularly overstating its amusement parks revenue by billions of dollars, according to a new report.
Marketwatch reports that Sandra Kuba, who was a senior financial analyst in Disney’s revenue-operations department, alleges that employees working in the parks-and-resorts business segment systematically overstated revenue by billions of dollars by exploiting weaknesses in the company’s accounting software."
LINK
"A former financial analyst at the Walt Disney Co. is claiming the company regularly overstating its amusement parks revenue by billions of dollars, according to a new report.
Marketwatch reports that Sandra Kuba, who was a senior financial analyst in Disney’s revenue-operations department, alleges that employees working in the parks-and-resorts business segment systematically overstated revenue by billions of dollars by exploiting weaknesses in the company’s accounting software."
15
Posted on 8/20/19 at 5:41 am to Boatshoes
Would love if this were true
Posted on 8/20/19 at 5:51 am to Boatshoes
It wouldn’t surprise me in the least
Posted on 8/20/19 at 5:59 am to Boatshoes
quote:
alleges that employees working in the parks-and-resorts business segment systematically overstated revenue by billions of dollars by exploiting weaknesses in the company’s accounting software."
I'd like to know why and how they pulled this off.
Not an easy thing to cover up
Posted on 8/20/19 at 6:01 am to Boatshoes
We will probably see more of this with CEOs publicly stating that profits are not their main goal and then alienating a portion of their consumer base by promoting an SJW agenda. They will still need to show large amounts of revenue to keep shareholders happy.
Posted on 8/20/19 at 6:08 am to BurningHeart
U.S. Corporate Governance: What Went Wrong and Can It Be Fixed?
[link=(chrome-extension://oemmndcbldboiebfnladdacbdfmadadm/https://www0.gsb.columbia.edu/mygsb/faculty/research/pubfiles/1661/U.S.%20Corporate%20Governance%2010-05.pdf)]LINK[/link]
"Repeated incidences of corporate “reporting failures” have also contributed to creating public distrust. Earnings restatements increased markedly during the past ten years. In the two-year period 2000-2001 there were 426 earnings restatements by publicly traded companies, compared to only 43 a year during the period 1990–1997.2 Has earnings management (or manipulation) become an integral part of the U.S. business culture, and can business executives be trusted to tell us the truth?"
If this turns out to be a more widespread issue, it could be the pin that pricks the market...which unfortunately won't be a good thing for President Trump's re-election chances. Hopefully it's isolated...but I'm not a natural optimist.
[link=(chrome-extension://oemmndcbldboiebfnladdacbdfmadadm/https://www0.gsb.columbia.edu/mygsb/faculty/research/pubfiles/1661/U.S.%20Corporate%20Governance%2010-05.pdf)]LINK[/link]
"Repeated incidences of corporate “reporting failures” have also contributed to creating public distrust. Earnings restatements increased markedly during the past ten years. In the two-year period 2000-2001 there were 426 earnings restatements by publicly traded companies, compared to only 43 a year during the period 1990–1997.2 Has earnings management (or manipulation) become an integral part of the U.S. business culture, and can business executives be trusted to tell us the truth?"
If this turns out to be a more widespread issue, it could be the pin that pricks the market...which unfortunately won't be a good thing for President Trump's re-election chances. Hopefully it's isolated...but I'm not a natural optimist.
Posted on 8/20/19 at 6:21 am to Boatshoes
A huge, billion dollar business is corrupt? You don't say.
Posted on 8/20/19 at 6:29 am to Boatshoes
quote:
the company regularly overstating its amusement parks revenue by billions of dollars,
What? You mean a major propaganda delivery system was secretly being propped up?
Posted on 8/20/19 at 6:36 am to Deege
When accounting firms doing the audit also have a consulting division contract to work with the corporation.....Im sure there is no internal pressure on the auditing division to wink, nod, and look the other way now is there???? Its just bribery washed clean in the form of a consulting fee.
Posted on 8/20/19 at 6:40 am to Boatshoes
They wouldn’t have to do this if The Last Jedi didn’t suck so badly.
Posted on 8/20/19 at 6:46 am to Boatshoes
quote:
overstating its amusement parks revenue by billions of dollars
At current ticket prices that’s only a couple dozen people.
Posted on 8/20/19 at 6:58 am to BurningHeart
quote:
'd like to know why and how they pulled this off. Not an easy thing to cover up
That is the thing. We will see what comes of it but I am beyond suspicious.
1). Billions would require a hell of a lot more then a few golf rounds or gross ups of credit cards.
2). Frauds of this level are usually done higher up the food chain then where a lowly financial analyst could decipher. Financial analyst in a pubco is pretty low on the food chain.
3). The talk of 8 billion in 2009 is preposterous. The whole theme park segment only had about 9.6 billion in revenue that year. You think 80 percent of that was fake and no one came? This is a lunatic claim.
Not saying there are no shenanigans at all but the few hard facts she gave seem like complete fiction. Time will tell I guess.
Also, not going to knight the auditor, hit the OP comment on them having a bunch of
Consulting work also is a pretty 2003 Sox world. A little tax or due diligence maybe but the good ole days of enronesque consulting projects are gone.
Posted on 8/20/19 at 6:59 am to SlapahoeTribe
Why would they do that?
Posted on 8/20/19 at 7:04 am to Boatshoes
Considering how much business Disney's parks do in a year, it would be easy to fudge the numbers.
Posted on 8/20/19 at 7:08 am to Boatshoes
Take them down and kill them with fire.
Posted on 8/20/19 at 7:11 am to trinidadtiger
quote:
When accounting firms doing the audit also have a consulting division contract to work with the corporation.....Im sure there is no internal pressure on the auditing division to wink, nod, and look the other way now is there???? Its just bribery washed clean in the form of a consulting fee.
What year is this again?
Posted on 8/20/19 at 7:20 am to Boatshoes
This is nonsense - simply a part of the MSM effort to kneecap the Trump economy.
This post was edited on 8/20/19 at 7:21 am
Posted on 8/20/19 at 7:22 am to Boatshoes
quote:
In just one financial year, 2008-09, Disney’s annual revenue could have been overstated by as much as $6 billion, Kuba’s whistleblower filing alleges. The parks-and-resorts business segment reported total revenue of $10.6 billion in 2009, according to its annual report filed with the SEC.
quote:So . . . . the accusation is Disney overstated revenue by as much as $6B/yr, but then reclassified certain revenue to reduce sales tax liabilities? Am I getting that right?
The most recent tip alleges some Disney employees reclassified guest revenue from high-sales-tax items such as hotel rooms to lower-taxed items such as food and beverages with the purpose of significantly reducing sales tax liabilities
quote:The woman was fired for cause. She then tried to tie her dismissal ti the fact she was whistleblowing. She sued. Then she had to withdraw the suit.
The Disney spokesperson said: “The claims presented to us by this former employee — who was terminated for cause in 2017 — have been thoroughly reviewed by the company and found to be utterly without merit; in fact, in 2018 she withdrew the claim she had filed challenging her termination. We’re not going to dignify her unsubstantiated assertions with further comment.”
Kuba said she has withdrawn her claim challenging her termination but reserves the right to resubmit it and continues to dispute Disney’s decision to fire her.
Weirdness. I'd see this having no effect DIS at all.
Posted on 8/20/19 at 7:24 am to NC_Tigah
Posted on 8/20/19 at 7:32 am to 0
Which billion dollar businesses are not corrupt??
This post was edited on 8/20/19 at 9:27 am
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