Tuesday, October 11, 2005

Magic Money 

One of the great PR embarrassments in Hollywood has been accounting -- or nonaccounting. Everyone knows, including auditors, that Hollywood producers move money and assets to the point where no one knows whether a movie made money or not. This essay tells how one well known person apparently did it.

In any other industry, an individual would be jailed, if he did what he is alleged to have done. In Hollywood, apparently, one can get away with shifting losers into future time periods and winners into the present, as long as one's partner doesn't find out.

I have long wondered how long accounting abuse will go on before a district attorney starts taking down studio heads for fraud. It hasn't happened yet, and Hollywood's fiction has been going on since its early days in California nearly 100 years ago.

It proves that some public relations scandals can continue for decades as long as everyone winks and looks the other way.


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