Re: [CANSLIM] WCOM restatement

From: "Tom Worley" <stkguru@bellsouth.net>
Subject: Re: [CANSLIM] WCOM restatement
Date: Wed, 26 Jun 2002 07:30:54 -0400

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employee stock options

reading the news this morning, it's clear the world has concluded that
bankruptcy for Worldcom is going to happen, and soon, with a subsequent
restructuring if it survives. All the banks across the globe must have been
up all night figuring out their exposure. Looks to be wide spread, haven't
seen any one yet with more than $300 million in exposure, with most in the
size of $150 to 200 million.

And MU's surprising loss reported after yesterday's close has futures
indicating down another 5% today. This is so far past ugly that either
collapse or capitulation cannot be far away. Let's see, DOW at 5,000, now
there's a nice round number.

It's getting too hard to make money in this market, succeeded yesterday in
both real world and VR accounts, but expect to pay the price today.

- ----- Original Message -----
From: "Cefaloni, John L Jr. [AMSTA-AR-WEA]" <john.cefaloni@us.army.mil>
To: <canslim@lists.xmission.com>
Sent: Wednesday, June 26, 2002 7:18 AM
Subject: RE: [CANSLIM] WCOM restatement


Well said, Tom.  What is it that makes people do things for temporary gain
when they know they'll probably get slammed for it in the future?

I guess it's just greed, stupidity and arrogance.

- -----Original Message-----
From: Tom Worley [mailto:stkguru@bellsouth.net]
Sent: Wednesday, June 26, 2002 12:53 AM
To: CANSLIM
Subject: [CANSLIM] WCOM restatement


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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