William Black: Weapon of Choice in Finance
on Tuesday, February 10, 2015
William Black Money Quotation saying in financial wars, numbers obscure complex accounting schemes, hiding wrongdoing by bankers. William Black said:
“The weapon of choice in finance is accounting” — William Black
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In this quote, William Black is referring to the use of accounting as a tool that can be misused to deceive or commit wrongdoing in the financial sector. He describes accounting as the “weapon of choice” for those engaged in financial crimes and misconduct.
Black’s view is that manipulating, misrepresenting or falsifying accounting records is a primary method used by corrupt executives and companies to hide losses, inflate profits or assets, and generally disguise their true financial condition from regulators and investors.
By exploiting weaknesses and discretion in accounting rules, wrongdoers can use the facade of legitimate bookkeeping and reporting as cover for their fraudulent activities.
The quote reflects Black’s perspective that accounting is particularly susceptible to abuse since it forms the basis for assessing the health and performance of financial institutions.