Accountant says Jacko overspent up to $30 mil annually. 30 MILLION!

[Bush_Eats_Beef]

http://www.mercurynews.com/mld/mercurynews/11549002.htm

SANTA MARIA, Calif. - A forensic accountant testified in Michael Jackson's child molestation trial Tuesday that the pop star was spending $20 million to $30 million more every year than he earned, a deep financial problem that the prosecution contends underlies conspiracy allegations in the case. The prosecution also tried to undermine earlier testimony in which Jackson's ex-wife Deborah Rowe praised Jackson by calling an investigator who said she told him last year that the singer was a "sociopath." The flurry of testimony on a broad range of issues came as the prosecution neared the end of its case.

The forensic accountant, John Duross O'Bryan, testified that as of February 2003, the month that a damaging documentary about Jackson aired on television, Jackson had $10.5 million in unpaid vendor invoices and only $38,000 in cash in bank accounts. The detailed analysis of Jackson's multimillion-dollar empire was brought into the trial over vehement objections from defense attorneys who said it was irrelevant to the case and was based on hearsay statements contained in memos from various financial advisers.

Judge Rodney S. Melville instructed jurors that they were not to consider the accounting figures "for the truth of the matter" but merely to show how the expert reached his conclusions. At one point he also warned the prosecution to stop showing the memos to the jury because they hadn't been put into evidence.

Under questioning by Deputy District Attorney Gordon Auchincloss, Duross O'Bryan traced Jackson's assets and liabilities from 1999 to 2004. The witness said he obtained only one balance sheet, from June 30, 2002, which showed Jackson with a net worth of negative $285 million. He said this included assets of $130 million and liabilities of $415 million.

http://www.mercurynews.com/mld/mercurynews/11549002.htm

http://us.news3.yimg.com/img.news.yahoo.com/util/anysize/324,http%3A%2F%2Fus.news2.yimg.com%2Fus.yimg.com%2Fp%2Fafp%2F20050503%2Fcapt.sge.mhm54.030505202235.photo00.photo.default-245x324.jpg

[Sannum]

1. wow...

just...wow.

[benburch]

2. How can one get hundreds of millions in debt?

And keep spending? I'm sure I would go to JAIL should I spend even $100,000 more than I have!

[underpants]

4. He's Michael Jackson! He's good for it.

Old story. There was a boxer who once "sold" 150% of himself, everytime he won (or lost) he owed.

[underpants]

3. Sounds like he was getting ripped off

His accountants had to know about that. I wonder who these "vendors" were. Pappa Jackson? Hangers on sending in false invoices? I have an invoice from a fake company that sends out fake invoices right beside my desk-you would be surprised at the number of people who just send out invoices hopeing no one checks on them.

[Bush_Eats_Beef]

6. I'm guessing his dad has MORE than a little "Col. Tom Parker" in him...

And, as even the most casual Elvis historian will tell you. Elvis pissed away his final years in Las Vegas to repay Parker's gambling debts in that town.

I don't know whether Jackson is innocent or guilty of the charges brought against him.

I just know I am really, really, really glad to say that I am not Michael Jackson.

[underpants]

7. Sounds like the reason Celine Dion "came out of retirement"

For her husband...or so the rumor is (in Vegas).

[Red State Rebel]

9. We get those once in a while - if you aren't careful you can get scammed.

[MrScorpio]

5. Shit, If I had just $10 Mil, I'd be happy

Debt? I'll never see it

[underpants]

8. I wonder how many lottery winners have said the same thing

Nothing against you mind you its just that

MO'MONEY MO'PROBLEMS

[MrScorpio]

10. Just gimme a chance

All my problems stem from a lack of money