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CMS inflated revenue figures
There seems to be no end to energy-related controversies in the US. Even before the heat generated by the Enron controversy cools down, there have been fresh allegations of bogus trades and accounting errors employed by Dynegy Inc. and Reliant Resources. Latest to join the league is CMS Energy Corporation. CMS, which reported a loss of $545 million last year, had allegedly inflated its revenue earnings by 28 per cent during the last two years. CMS's CEO, William T. McCormik Jr, resigned after the company disclosed $5.2 billion of sham electricity trades.
(1/6/02)
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