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

From: "Winston Little" <wlittle1@peoplepc.com>
Subject: Re: Red Flag FAQ Formerly: [CANSLIM] WCOM restatement
Date: Wed, 26 Jun 2002 10:15:47 -0400
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The project would be of interest.

However, as each scandal breaks, people try to develop countermeasures, and
in turn the crooks advance to new ways to scam the public.We can look back
at the South Sea bubble of 1720, or Mississippi bubble of 1720, or IOS and
FOF of 1973, or ZZZZ Best of 1987 or gold in 1979 or silver of 1982 .....
and here we are today with Enron, Global Crossing and World Com.

Bottom line to me is that crooks are innovative and prevalent. They have
been around for centuries and will always be there. Some wear three piece
suits, some are in casual wear. Some are high school drop outs and many
today have MBA degrees.

They make me look for diversity in more issues than the CANSLIM/IBD people
advocate,  and I usually trade a bit more frequently than is also advocated.
On the last item, I like the position of Bernard Baruch....... he claimed he
was not clever enough to catch the first 20% of a rise, and too nervous to
stay in for the final 20%, he just did well on the middle 60% of any run.

- ----- Original Message -----
From: "Duke Miller" <dukemill@tampabay.rr.com>
To: <canslim@lists.xmission.com>
Sent: Wednesday, June 26, 2002 9:43 AM
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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>
> =====
> Opportunities always look bigger going than coming.
>
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