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Chapter 12. Influencing Factors: Where D... > What the Accountants Should Have Don... - Pg. 95

95 Chapter 12. Influencing Factors: Where Does Responsibility Lie? Accountants, the media, and government regulators all have a role in the Financial Value Chain and all contributed to the bubble--substantially. What the Accountants Should Have Done and Didn't Dot-coms were desperate for sales to sustain their high valuations, and found a way to get some. They engaged in creative accounting. Unfortunately, the accountants permitted it. "The only way most Internet companies were showing any money on the books," a close observer commented, "was by doing deals with one another. The business development heads would meet for lunch. They wouldn't have any idea what the outcome of the meeting would be, but they'd work it out at lunch, and then they'd both show some revenue. But it wasn't real revenue." [82]