Chinese Fraud Causes Huge Write Off by Caterpillar

Caterpillar uncovered "deliberate, multi-year, coordinated accounting misconduct" at a subsidiary of a Chinese company it acquired last summer, leading it to write off most of the value of the deal and wipe out half a quarter's profits.  Caterpillar, the world's largest maker of tractors and excavators, said on Friday it would take a noncash goodwill …