Quotations
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Scott Pales Quotes
«Companies are unable to set bad debt reserves high enough to cover a default by one of the major players in these industries.»
Author: Scott Pales
«In very high concentration situations, where one buyer might represent 30 percent, 40 percent of sales or even more, it just doesn't make accounting sense to set reserves at the level otherwise called for based on the size of the receivables. So some financial officers are simply avoiding the issue, accepting these potentially company-killing credit risks as unavoidable, somehow taking solace in the fact that if the 800-pound gorilla goes down, it will be catastrophic not just for their company, but their competitors as well.»
Author: Scott Pales
«Sarbanes-Oxley requires that public companies report these exposures on their 10Qs, so the reserves shortfall is right out there in the open. Helping reduce the possibility of a shareholders' lawsuit over leaving your largest risk uninsured could be called a bonus that comes with the policy, no extra charge.»
Author: Scott Pales