© D.L. Crumbley
AOL created ad revenues out of thin air. With an obsession to get advertising revenue in the door, “nobody there appears to have paid much attention to whether the business deals at issue were really producing ad ‘revenues’ by any acceptable definition….”
At least $90 million of revenues were expunged by mid-2003, with another $400 million contested.
Source: C.J. Loomis, “Why AOL’s Accounting Problems Keep Popping Up,” Fortune, April 28, 2003, p. 86.