Summary of Financial Shenanigans

How to Detect Accounting Gimmicks & Fraud in Financial Reports

McGraw-Hill, more...

Buy the book

Financial Shenanigans book summary
Do you know how to spot signs of fraud in your investment’s financial report? Here’s how to watch your back.


9 Overall

10 Applicability

7 Innovation

9 Style


Author Howard Schilit writes in surprisingly plain English, and provides the reader with a toolkit to determine what’s so rotten in Denmark - or on Wall Street. You don’t have to be an experienced reader of financial reports to learn a lot from this book. Schilit offers more than theory; he provides specific examples and case studies. Learn about the manager who reduced future expenses by purchasing $12 million worth of advance postage metering at the end of the year. Find out how "Chainsaw Al" Dunlop drove up the price of Sunbeam stock by creating a $35 million reserve, all while laying off 11,000 employees. Learn the inside story of how Enron became the poster child for corporate wrongdoing. getAbstract highly recommends this book to independent investors, and anyone else who needs to understand how unethical execs cook the books. It may not save you from losing a bundle, but at least you won’t feel like you’re in a battle of wits and devoid of weaponry.

In this summary, you will learn

  • How to understand the manipulation of fiscal reports and other financial dirty deeds; and
  • What warning signs you should look for to see if fraud is being perpetrated. Enron, anyone?


Telling Tall Tales
You don’t usually think of gray-suited economists or accountants as story-tellers, but they have told some pretty big whoppers on Wall Street lately and it cost investors billions. The Center for Financial Research and Analysis (CFRA) has defined 30 techniques, grouped...
Get the key points from this book in less than 10 minutes. Learn more about our products or log in

About the Author

Howard M. Schilit is a PhD, with a CPA. He is president of the Center for Financial Research and Analysis (CFRA), an independent research organization, and an authority on detecting accounting gimmicks. A former professor at American University, Schilit has been featured in numerous articles and network appearances, and co-authored Blue Chips and Hot Tips. The first edition of Financial Shenanigans was published in 1993.

Comment on this summary

More on this topic

Customers who read this summary also read

More by category