One of the things that never fails to fascinates me about business school is that in almost every accounting or finance class I have taken, there has been a mention of the AOL Time Warner merger. In taxes and finance class (which is a finance class taught by the accounting department) today, the professor used it to illustrate the tax consequences of a merger. He talked about the $99 billion net loss the merged company reported in 2002 mostly due to changes in accounting rules and impairment of goodwill.
He said my former employer “makes GM (General Motors) look profitable” as everyone laughed while I just sank deeper in my seat and chuckled awkwardly.
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