A reliable technological method for detecting lies has long been sought after. Reliability has been elusive. But is the technology good enough, in this case? >>>
William McCaffrey, chairman and CEO of MEG Energy Corp. in
Calgary, Alberta, was telling analysts about the capital
expenditures of his Canadian oils sands development company
during its third-quarter 2014 earnings call. What
were doing, is we are doing ground field expansion that
we are just in the early stages of design, he said.
When we take a look at our capabilities on that, we
focused our capital programs we focused first obviously
on the sustaining and maintenance and thats really 20
percent of its street 2015 estimate our cash flow.
Among those listening in on the calls was Joel Litman, a
former forensic accountant and Credit Suisse analyst who now runs Valens Securities, an
independent debt and equity research firm he founded in New
York in 2009. Highly questionable, he noted when
McCaffrey talked about the capital programs…