Caterpillar says accounting "misconduct" caused write-down

01/29/2013 | Wall Street Journal, The

Caterpillar is blaming a $580 million write-down on accounting "misconduct" by former senior managers at ERA Mining Machinery, which it acquired last year. The equipment-maker alleges the managers "fabricated documentation to cover their tracks." Caterpillar Chairman and CEO Doug Oberhelman says he ultimately is accountable for the situation because it happened on his watch.

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Wall Street Journal, The