Hewlett-Packard’s Explanation Just Makes No Sense

Here’s the problem with Hewlett- Packard Co.’s explanation today for why it took an $8.8 billion writedown related to its purchase of Autonomy Corp.: The numbers don’t make sense.

HP said “more than $5 billion” of the writedown “is linked to serious accounting improprieties, misrepresentation and disclosure failures discovered by an internal investigation by HP and forensic review into Autonomy’s accounting practices prior to its acquisition by HP.”

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