RE: Red Flag FAQ Formerly: [CANSLIM] WCOM restatement

From: "Duke Miller" <dukemill@tampabay.rr.com>
Subject: RE: Red Flag FAQ Formerly: [CANSLIM] WCOM restatement
Date: Wed, 26 Jun 2002 09:50:03 -0400

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On second thought....

Is it not true that no matter what scrutiny we put SEC filings to, day
before yesterday, we would not have discovered (on our own) this evil
deception?  

I think I'm going to be sick.

Duke

- -----Original Message-----
From: owner-canslim@lists.xmission.com
[mailto:owner-canslim@lists.xmission.com] On Behalf Of Duke Miller
Sent: Wednesday, June 26, 2002 9:43 AM
To: canslim@lists.xmission.com
Subject: RE: Red Flag FAQ Formerly: [CANSLIM] WCOM restatement

Well said.  Unfortunately, and this isn't the first time this thought
has been expressed, this and the future ones hiding in the woodwork,
could very well spell the doom of the American stock market as we know
it today.  A radio columnist (Democracy Now) just yesterday was
ruminating over the impact on the markets if (when) foreign stockholders
decide to take their money and run...away from "America's painfully
corrupt financial markets."

I have a suggestion (NOT my usual tongue in cheek, friends) for a group
project...a public service to all of us CAN SLIMers.  What if we create
a FAQ on how to avoid these slime balls?  

Should we start with Andersen Consulting's client(former) list.  I tried
their website; no luck.  

Then how about a list of tips on what to look for in SEC filings to
ferret out red flags. 

Duke

- -----Original Message-----
From: owner-canslim@lists.xmission.com
[mailto:owner-canslim@lists.xmission.com] On Behalf Of Kent Norman
Sent: Wednesday, June 26, 2002 8:13 AM
To: canslim@lists.xmission.com
Subject: RE: [CANSLIM] WCOM restatement

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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=====
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