RE: [CANSLIM] WCOM restatement

From: Kent Norman <kent_norman@yahoo.com>
Subject: RE: [CANSLIM] WCOM restatement
Date: Wed, 26 Jun 2002 05:12:57 -0700 (PDT)

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The answer is:

The same childish, short-sighted, immediate satisfaction that blinds
them to the possibility that there is a tomorrow... They run the
business like they live their life. All today and no tomorrow.

Kent Norman

- --- "Cefaloni, John L Jr. [AMSTA-AR-WEA]" <john.cefaloni@us.army.mil>
wrote:
> 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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