Report rocks shares of finance firm
Article Abstract:
Resource America Inc.'s share prices dropped after Cambridge, MA-based investment researcher Off Wall Street Consulting Inc. raised questions on the firm's accounting. The investment report, which was sent to unidentified investment managers, questioned whether the Philadelphia finance company's accounting mirrors the actual economics of the business, and whether it adhered with Generally Accepted Accounting Principles. Resource America Chairman Edward Cohen denounced the negative report, saying that the report paid no mind to main details, presented no fresh data and was based on false assumptions.
Comment:
Raises questions on Resource America Inc accounting, causing latter's share prices to drop
Publication Name: Philadelphia Inquirer (PA)
Subject: Business, regional
ISSN: 0885-6613
Year: 1998
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Pa.: Deloitte hid truth on Reliance
Article Abstract:
Deloitte chief actuary Jan Lommele, in February 2002 signed an audit declaring that Philadelphia's Reliance Insurance Co. had enough cash reserves to stay in business, but very soon, it came to know that Reliance was suffering a $350 million shortfall in its reserves. Deloitte, United States second-largest accounting firm is accused by the Pennsylvania Insurance Department for the worst insurer failure in U.S. history by hiding its client's poor financial condition from regulators and public.
Publication Name: Philadelphia Inquirer (PA)
Subject: Business, regional
ISSN: 0885-6613
Year: 2003
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ExxonMobil wants to boost production
Article Abstract:
The article discusses the value of ExxonMobil Corp. and why the company is suddenly worth more than Microsoft or Intel.
Publication Name: Philadelphia Inquirer (PA)
Subject: Business, regional
ISSN: 0885-6613
Year: 2000
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