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Chapter 9. Goosing, Stuffing, and Faking... > Red Flag 7: Companies That Record Bo...

Red Flag 7: Companies That Record Bogus Revenue Achieved through Swaps

At one stage in 2002, it seemed that just about every major telecom company and energy trader in the United States had been using some kind of swap agreement that had no real economic purpose; the tactic merely made it seem as if revenue was growing rapidly. These agreements had all kinds of weird names—wash trades, round-trippers, boomerangs, lazy Susans—but they all added up to one thing: a distorted picture of how well a business is doing.


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