restructuring（restructuring shampoo）

Intheacquisitionarena,restructuringhasbeenraisedtoanartform:Managementsnowfrequentlyusemergerstodishonestlyrearrangethevalueofassetsandliabilitiesinwaysthatwillallowthemtobothsmoothandswellfutureearnings.Indeed,atdealtime,majorauditingfirmssometimespointoutthepossibilitiesforalittleaccountingmagic(orforalot).Gettingthispushfromthepulpit,first-classpeoplewillfrequentlystooptothird-classtactics.CEOsunderstandablydonotfinditeasytorejectauditor-blessedstrategiesthatleadtoincreasedfuture“earnings.”