Slush fund
A slush fund is a fund or account used for miscellaneous income and expenses, particularly when these are
A slush fund can also be a reserve account used to reduce fluctuations in an organization's earnings by withholding them when they are high and supplementing them when they are low. This type of slush fund is not inherently corrupt, but is nonetheless a form of earnings management that tends to mislead the public about the organization's financial condition.[3]
Examples
Richard Nixon's "Checkers speech" of 1952 was a somewhat successful effort to dispel a scandal concerning a slush fund of campaign contributions.[4] Years later, Nixon's presidential re-election campaign used slush funds to buy the silence of the "White House Plumbers".[5]
Financial derivative traders for
Etymology
"Slush fund" was originally a
See also
- ISO 37001 Anti-bribery management systems
- Group of States Against Corruption
- International Anti-Corruption Academy
- United Nations Convention against Corruption
- OECD Anti-Bribery Convention
References
- ^ "Slush fund". Dictionary.com Unabridged. Retrieved 4 Jun 2017.
- ^ Law, Jonathan. A Dictionary of Finance and Banking, 5 ed. ed., 2014. http://www.oxfordreference.com/view/10.1093/acref/9780199664931.001.0001/acref-9780199664931-e-3516
- ^ Wherry, Frederick F., ed. (2015). "Accounting, Critical". The SAGE Encyclopedia of Economics and Society.
- ^ LaGesse, David (January 17, 2008). "The 1952 Checkers Speech: The Dog Carries the Day for Richard Nixon". U.S. News & World Report.
- ^ Weiner, Tim (October 31, 1997). "Transcripts of Nixon Tapes Show the Path to Watergate". The New York Times.
- ^ Fox, Lauren (2004). Enron: The Rise and Fall.
- ^ "slush fund, n." OED Online. Oxford University Press, September 2016. Web. 8 September 2016.
- ^ Garg, Anu. A.Word.A.Day mailing list, 2017-Mar-01. http://wordsmith.org/words/slush_fund.html