What's better is that one woman thought she saw an opportunity, took it, and it led to a business that may make $40 million this year. Alli Webb in California wanted to get some time away from her kids and make some money. She had been a hair stylist so she offered to go to clients' homes and give them high-quality blowouts. Soon she had more requests than time and started hiring other people. Today, she has 32 locations and 2,000 employees, mostly part-timers. She stresses high quality blowouts and personal service. She charges $40.
What's better with the Bernie Madoff billion dollar scam is that Frank Di Pascali, one of Madoff's schemers who holds only a high school degree is being a cooperative witness. It's in his best interest as he has been convicted and not yet sentenced. He has detailed how Madoff and his crew outwitted auditors. Auditors can learn from Madoff's tricks. For instance, in the '90s an auditor surprised Di Pascali by demanding to see the detailed trading logs of a certain day. Of course, Madoff had none, so Di Pascali managed to slip out an order under the auditor's nose telling the rest of the crew to create the trading logs. They hurried to make some and then put them in a refrigerator as they were got off the press. Next, they tossed them to each other to make them look old and used. The counterfeiting worked for the auditor was satisfied with "trading logs."
These commentaries are based upon news from the Wall Street Journal, America's most trustworthy national newspaper. Peter Nickerson
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment