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CED-81-112 1 (1981-06-19)

handle is hein.gao/gaobabcau0001 and id is 1 raw text is: A- REPORT BY THE U.S. General Accounting Office More Can Be Done To Protect Depositors At Federally Examined Grain Warehouses About 2 percent of the Nation's 10,000 grain warehouses went bankrupt from 1974 to early 1981. On the basis of self-developed criteria applied to financial data on a random sample of warehouses examined by the Federal Gov- ernment, GAO believes that a number of grain warehouses are in an unsound financial posi- tion, Predictive formulas that have been tested suc- cessfully in other industries, if adapted to grain warehouses, could be a great help in identifying possible bankruptcies. Such a for- mula would also provide valuable data on the magnitude of the potential bankruptcy prob- lem--information GAO believes is needed before current Federal programs are expanded significantly. To use such a formula, however, the Department of Agriculture will have to require minor changes in the financial data warehouses now report. GAO is recommending several changes to the Department's warehouse examination and financial data review procedures which should strengthen protection provided to grain depositors. 00 C. CED-81-112 1ceOUs'p' JUNE 19,1981

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