When companies make it readable and useful, some investors lap up the MD&A
In 1989 the board of directors of Caterpillar was concerned about the company's Brazilian subsidiary. The small unit was contributing disproportionately to the group's overall earnings, a result of the combined effects of Brazil's currency hyperinflation and international exchange rates.Despite concerns, the global machinery maker's first quarter 1990 10Q mentioned only 'uncertainties' in Brazil. That omission led to one of the SEC's most notable enforcement actions for inadequate management
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