We all know that miles and points are worth less than they once were. But you aren’t going to hear any airline or hotel execs come right out and say, “Yeah, we reduced their value by X% the other day – deal with it.”

But in much the same way Ness cornered Capone, Milepoint’s boondr took a close look at American Airlines’ books – or fine print in this case – and found that AA’s accountants/lawyers might be admitting to some mileage inflation.

The jury, such as it is, is still out on this one. According to Bankrate.com’s George Saenz, it’s entirely possible that AA’s valuation of its own miles is wrong. Possibly even way off base. Though the onus would be on the taxpayer to prove that.