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Rapping Flight Attendant Explains GAAP to SW Shareholders watch!

travelinglight.professionaltra… — David Holmes, the Internet pseudo-celebrity who made a name as a rapping flight attendant, is such a hit that the CEO of Southwest brought him to the shareholders meeting and had him explain Generally Acceptable Accounting Practices in rap form.

Who dugg this? Made popular May 27, 2009

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  • atrain714, on 05/27/2009, -1/+147Southwest should really use him in a commercial
  • pbrady06, on 05/27/2009, -0/+139dugg for the awkward black male/white male high five at the end.
  • rwbrinso, on 05/27/2009, -1/+92I still don't understand what the hell GAAP is.
  • asujon, on 05/27/2009, -0/+66If only the folks at Enron had listened to more rap.
  • BxBoy, on 05/27/2009, -2/+55*STOMP* *CLAP* *DIGG*
  • ethanator1088, on 05/27/2009, -1/+53I want that guy to rap all mundane speeches.
  • s0aar, on 05/28/2009, -0/+47reminded me of this:

    http://www.youtube.com/watch?v=90tb7oNDnR0
  • DreadBlog, on 05/27/2009, -2/+44Theres nothing like a youtube celeb rapping black guy to give an old stuffy white guy some street cred.
  • Hockey13, on 05/28/2009, -1/+42Generally Accepted Accounting Principles. It's what the Financial Accounting Standards Board (FASB) sets in order to create a (supposedly) conservative way to account for all financial activity of a company. Any public company operating in the US must report using GAAP.

    For example, per GAAP, all assets on a company's balance sheet must be "marked to market" (i.e. if you have $500 of GE stock and its value on the open market drops to $250, you take a $250 loss, even though no money has flowed out of your company), but this only occurs on the downside. If the value of your asset goes up, you can't mark it up, as this would not be seen as conservative. This rule is one of the major catalysts for the calamity of the last two years...not necessarily because the rule is "bad," but because if there is no longer any liquidity in a market, assets (in this case many forms of asset-backed securities, specifically mortgage-backed securities) are marked down to prices that don't adequately reflect the real present value of their likely return. There is a reason why many people won't buy these assets, even at "firesale" prices, but that's a discussion for another day.
  • CaliforniaEagle, on 05/28/2009, -0/+36Audience FAIL

    They looked like they were watching paint dry
  • 471776, on 05/28/2009, -2/+34Damn there were a lot of miserable ***** in the audience. Half of them just glowered at the guy. Okay, I can see how you might feel it was inappropriate, but it took all of a minute and a half and at least served to lighten the mood a little...give the guy some credit.
  • anklesnap, on 05/27/2009, -1/+25I wonder if he can come rap at my board meetings? lol
  • YuviC, on 05/28/2009, -0/+22Dugg for Santa clapping at 2:20.
  • msparks789, on 05/27/2009, -2/+21That guy with the beard was digging it.
  • wejmahtin, on 05/27/2009, -1/+19You are unintelligent and probably make poor choices in your purchases of consumer electronics.
  • Vindexus, on 05/28/2009, -0/+16"Oh *****, if I do the fist pound am I a terrorist?"
  • msparks789, on 05/27/2009, -1/+16And you have my Axe!
  • MatzahMan, on 05/27/2009, -2/+16Southwest Airlines CEO is da man.
  • p2a1x7, on 05/28/2009, -0/+13Dugg for random insult.
  • FortyCaliber, on 05/28/2009, -0/+13Maybe they should have planted some people in the audience that had rhythm.
  • fbplyrdan, on 05/27/2009, -0/+12the original: http://www.youtube.com/watch?v=ivjybzdXVmI
  • Gudeldar, on 05/27/2009, -0/+12They already did. You haven't seen the Youtube video?
  • RedHeadedFreak, on 05/27/2009, -1/+12They listened to gangsta rap.
  • Avaseal, on 05/28/2009, -1/+12CHEEEEEESECAKE!!!!
  • slowspin, on 05/27/2009, -0/+11Really, so you're hiring then?
  • RizzoFrank, on 05/28/2009, -0/+10http://www.youtube.com/watch?v=gH6Nz-uiBhU
  • PacGamer, on 05/28/2009, -0/+10Dugg for the off beat Santa impersonator.

    EDIT: Holly *****...that is Santa!
  • inactive, on 05/28/2009, -0/+9marketing dept. at Southwest just won twice.
  • phatfiend, on 05/27/2009, -0/+9good explanation! dugg!
  • sluggermoore, on 05/28/2009, -0/+9What's Santa Claus doing at that meeting?

  • cooppw02, on 05/28/2009, -0/+9You got to trolling a bit at the end there... the uncertainty regarding the value of MBSs has more to do with the built-in ***** risk assumptions than anything else.
  • coolguyslim, on 05/28/2009, -0/+8He's a major shareholder. How else do you think he gets all those damn gifts to kids. Did you honestly believe he went around in a sled?? Unfortunately, he was there because of the "if you're too fat you have to pay for 2 seats" rule. That's not good for his bottom line.
  • quomen, on 05/28/2009, -1/+9He has impeccable enunciation!
  • youhadmeathello, on 05/28/2009, -0/+7I just had a flashback to my accounting course.
  • doublestuforeo, on 05/27/2009, -1/+8vince carter?
  • ArrowheadAddict, on 05/27/2009, -0/+7I second that.
  • doublestuforeo, on 05/27/2009, -0/+6yeah I'm pretty sure this rap will give you street cred
  • ReidM, on 05/28/2009, -0/+6This man needs to be southwest's pr guy
  • jetskirider650, on 05/27/2009, -0/+5It sounded like they are only departing from GAAP in the MD&A section. Obviously the financial reports are GAAP otherwise they receive an Adverse Opinion
  • YourMomsAnAnon, on 05/27/2009, -3/+8This video accurately depicts everything I hate about Suits.
  • coolguyslim, on 05/28/2009, -0/+5Not all assets have to be "marked to market." PP&E is reported at original cost, less accumulated depreciation, of course.
  • yesplease151, on 05/28/2009, -0/+4I dugg him up. Poor guy probably just doesn't have a twitter account.
  • larrimer7, on 05/28/2009, -0/+4Scrubs is one of the finest TV shows on this planet.
  • thebrok3nsystm, on 05/28/2009, -0/+4its cool if you dont get it. he will be back rapping about International Financial Reporting Standards (IFRS) in a few years when GAAP is replaced.
  • rudyrudiger84, on 05/28/2009, -0/+4i did find it funny how many mid 50s suits werent having any of this at all... it makes me wonder what i might dislike 30 years from now when im old and sour.
  • inactive, on 05/28/2009, -0/+4i saw like one guy who wasn't smiling...you are looking too hard. and they started clapping and stomping for him after like 2 seconds
  • MrPresident13, on 05/28/2009, -0/+4the rest of the audience looked reeeally happy to be there...
  • pixelate, on 05/28/2009, -0/+3It's still progress from this

    http://www.youtube.com/watch?v=wmIObmv2t6M
  • backflipper, on 05/28/2009, -0/+3@ hockey13: I need to correct something, Assets that are marked to market will be marked up and down. For instance, this GE stock you mention, if the value of it increases, it will be marked up on the balance sheet and result in an unrealized gain. Much like when it decreases in value it will be an unrealized loss.


  • shadows88, on 05/27/2009, -3/+6That high-five at the end was awesome
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