Even Before Enron: Bank Regulators, the Income Tax, the S&L Crisis, and Deceptive Accounting at the Supreme Court
Stephen B. Cohen
Georgetown University Law Center
Green Bag, Vol. 5, No. 2, April 2002
Years before the ENRON debacle, the Supreme Court heard a pair of cases involving dishonest financial accounting, Frank Lyon Co. v. U.S. and Cottage Savings Ass'n. v. Commissioner. In both cases, federal bank regulators had encouraged deceptive financial accounting, and the deceptive accounting became the basis for taxpayer claims. The Supreme Court, however, did not comment in either opinion on the deceptive character of the financial accounting that gave rise to tax litigation.
Number of Pages in PDF File: 11Accepted Paper Series
Date posted: August 24, 2002
© 2013 Social Science Electronic Publishing, Inc. All Rights Reserved.
This page was processed by apollo2 in 1.922 seconds