American Accounting Scandals
10 pages (2500 words)
They include the artificially low interest rates, toxic mortgage backed securities, housing bubble, excessive and risky financial innovation, shadow banking system, trade deficits and others (Cornelius, pp. 29-33, 2003). However, one very important cause or contributing factor to the current recession was the accounting practices and the entire accounting system in the United States (Rittenberg, Johnstone, Gramling & Schweiger, pp.