Just got in the email: I hope it enlightens u! Here are some new definitions that have started to do the rounds in the US following the spate of accounting frauds. EBITDA = Earnings Before I Tricked the Dumb Auditor, EBIT = Earnings Before Irregularities and Tampering, CEO = Chief Embezzlement Officer, CFO = Corporate Fraud Officer, NAV = Normal Andersen Valuation, EPS = Eventual Prison Sentence. And finally the icing on the cake-US GAAP is now UnScrupulous Grossly Artificial and Arbitrary Practices, while the Safe Harbour clause has become the Pearl Harbour clause. Probably, rather than focusing on EBITDA, investors in the US are now looking at EPITDA - Earnings Post-Indictment, Trial, Denunciation and Arrest. With warm regards,
