Re: [CANSLIM] WCOM restatement

From: Kent Norman <kent_norman@yahoo.com>
Subject: Re: [CANSLIM] WCOM restatement
Date: Wed, 26 Jun 2002 05:23:17 -0700 (PDT)

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Tom I agree that it will take time to audit all of Anderson's clients,
but for the short term, I hope this is another capitulation point.

Regards
Kent Norman

- --- Tom Worley <stkguru@bellsouth.net> wrote:
> once again, Andersen strikes again, this time by signing off on
> Worldcom
> hiding over $3 billion in expenses as capital expenditures, and thus
> inflating cash flow. Restatement expected to take away last five
> quarters of
> profits and turn them into losses.
> 
> Who gave this sanction to a deviation from GAAP (Generally Accepted
> Accounting Principles)?? Andersen, of course. It's clear that Enron
> was only
> the tip of the iceberg, as if Waste Management, Sunbeam, and a host
> of other
> companies were not sufficient warning of major problems in corporate
> policy
> and infrastructure. Sad to see a great name like Andersen prostituted
> to
> selling its certification services for any price, but also clear that
> it
> must disappear from corporate America. And until every major company
> audited
> by Andersen undergoes a special review by the SEC on accounting
> practices, I
> doubt anyone will believe that we have finally seen it all.
> 
> Tom Worley
> stkguru@bellsouth.net
> AIM: TexWorley
> 
> 
> 
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