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Jay< Jay, Ive been reading your commentary on the Enron debacle. Your tendency to trivialize it is disturbing because you are ignoring the much larger issues that are becoming clear. If, indeed, this stuff happens every day every where, we are in VERY deep kim-chee . . . for it means that other large companies are going to implode. This isnt a simple bankruptcy. It is a deliberate FRAUD perpetrated by executives who are supposed to be fiscally responsible to shareholders, and even moreso by the auditors and accountants who are bound by (dare I say it?) ethical standards for a once-respectable profession. The investors who got screwed are only a small part of the picture . . . albeit great fodder for the press. But the idea that a huge accounting firm like AA and a giant corp like Enron could conspire to defraud at such a level could have economic repercussions (and may still) that rock the entire US economy. Certainly nobody can make an intelligent investment decision if the PL statements and other indicators are FALSE. How is anyone to know? How can portfolio managers or anyone else know that GM, AOL Time Warner, or any other giant corp hasnt misrepresented its financial condition? For the moment, I will leave out the dubious involvement with the administration.. But can Cheneys refusal to be forthcoming be anything other than a cover up? And can all the Enron execs taking the 5th mean anything other than the worst? |
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