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Whoever was partner in charge of auditing Petter's should also be investigated. Partners are smart and I would bet my house the partner knew EXACTLY what was going on and was either paid off or something else. If by some chance he did miss this gross level of fraud.....I would be wary investing in ANY company thier external auditor (Arthur Anderson?) audits. Funny thing is Petters had a history or hiring former auditors.....hmmmmmmm.
Make an incredible example of him that will deter any other arrogant dinks from even thinking about pulling such schemes.
i think they might find a few more of these companies too...dakota county has many secrets
This explains the bundles of cash inside the discount suitcase I bought at the Petter's Dollar store at the Mall of America.
Theres your home town airline guy.....lol
And sadly it has destroyed our Government and is starting to destroy our wonderful country.
We live in interesting times.
If you read the affidavit, the amount of accounts receivable are stated at $1.9 billion but the actual accounts receivable are "substantially less." The way the article is written, it sounds like the company has substantially more accounts receivable than it states, which would be a bigger asset and more backing for their debt. Might want to rewrite that section so it makes sense. Either way, bad deal for everyone, especially all the employees who had nothing to do with it.
Surprised that nobody has read the whole affidavit. There is a little slip-up in there where the agent refers to the CW as "she". That pretty much has to mean Deanna Coleman, I think, since there is only one woman named in the list of suspected conspirators who are in line for big trips to prison.
Petters doesn't seem to be worried, but he'd better have something up his sleeve to explain these quotes.
With all these stories about sleazy business going on by what most regional people consider blue-chip corporations in the Twin Cities, I think the corporate greedmongers are being outed for their sleazy inner workings. Let's all just keep reading the newspaper to find out how these stories end. Typically they end with the same themes as they start with.
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