Go to Jeff Salisbury LWGate Home Page.From: "Duke Miller" <dukemill@tampabay.rr.com>
Subject: RE: [CANSLIM] WCOM restatement
Date: Wed, 26 Jun 2002 12:11:14 -0400
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Amen.
- -----Original Message-----
From: owner-canslim@lists.xmission.com
[mailto:owner-canslim@lists.xmission.com] On Behalf Of Katherine Malm
Sent: Wednesday, June 26, 2002 11:40 AM
To: canslim@lists.xmission.com
Subject: Re: [CANSLIM] WCOM restatement
Hi Kelly,
The '87 crash was considerably different....far more an event than a
process as is the current Bear which is undoing the excesses of the late
'90's. At that time, cocktail conversations rarely included talk of
stocks, but on Black Monday...people who didn't even know what the stock
market was all about were gathered around the TV at lunch time. In
retrospect, the Fed's quick intervention and the adjustments to program
trading guidelines made this a blip on the bull market screen, so the
"throwing in the towel" talk was far more short-lived than now. Most
folks investing these days know little of what creates value and
perceived value in the stock market. Even fewer are students of market
history. But I'd bet the same conversations could be heard in the 30's
and the 60's. Sometimes the best way to *really* learn it is to live it.
Besides, we're bored to tears..... :)) But I *am* enjoying the time off
to pursue summer reading...throw away novels of little consequence,
mindless fluff ....ah, what a pleasure!
Katherine
- ----- Original Message -----
From: Kelly <mailto:kelly.short@neoris.com> Short
To: canslim@lists.xmission.com
Sent: Wednesday, June 26, 2002 10:25 AM
Subject: RE: [CANSLIM] WCOM restatement
If I were new to this earth and had just learned what the US stock
market was by reading the comments shared this morning post-Worldcom I'd
think the stock market was going bye-bye. I'll admit- I'm still wet
behind the ears when it comes to investing experience but I can't for a
minute believe that the same types of comments weren't passed around
(albeit pre-Internet, shiver) regarding the 1987 crash. Can anyone
remember back that far? I am correct and memory short? Or this truly
"new"? Sorry folks- I was in the sixth grade in 1987.
Kelly
P.S. - thanks for the "Wall Street" quotes- it's the most used DVD I
own!
- -----Original Message-----
From: Cefaloni, John L Jr. [AMSTA-AR-WEA]
[mailto:john.cefaloni@us.army.mil]
Sent: Wednesday, June 26, 2002 10:18 AM
To: 'canslim@lists.xmission.com'
Subject: RE: [CANSLIM] WCOM restatement
At the risk of being corny, I thought I'd dig up some quotes from the
movie
"Wall Street" (because Hollywood tells us everything we need to know
about
life ;-)
"The main thing about money, Bud, is that it makes you do things you
don't
want to do."
"Stop going for the easy buck and start producing something with your
life.
Create, instead of living off the buying and selling of others."
"Stick to the fundamentals. That's how IBM and Hilton were built."
"There are no shotcuts. Quick-buck artists come and go with every bull
market, but the steady players make it through the bear markets."
"You're on a roll, kid. Enjoy it while it lasts, becuase it never
does."
and, of course...
"Man looks in the abyss, there's nothing staring back at him. At that
moment, man finds his character. And that is what keeps him out of the
abyss."
Of course, the movie is packed with many more "bullish" quotes, but
those
will have to wait for another day.
- -----Original Message-----
From: Winston Little [mailto:wlittle1@peoplepc.com]
Sent: Wednesday, June 26, 2002 10:33 AM
To: canslim@lists.xmission.com
Subject: Re: [CANSLIM] WCOM restatement
People in the rust belt are back in style.
I believe the expression is "The meek shall inherit the earth".
There is merit to the people who work and sweat for a living, instead of
the
glorified crooks of the past three years.
Remember all those clowns forming companies (with NO EARNINGS) that had
market capitalization greater than that of General Motors?
Today:
Lear LEI is up.They make car seats and interior parts.
Delphi DPH guided up yesterday. They make electronic parts for cars
(mostly
GM).
Visteon VC guided up this morning.They make car parts (mostly for Ford).
P&G ( as Duke pointed out) is up. Soap, toothpaste and paper towels.
Donnelly DON (mirrors for cars) is to be bought out by Magna (they make
car
parts) at 38% premium.
- ----- Original Message -----
From: "Duke Miller" <dukemill@tampabay.rr.com>
To: <canslim@lists.xmission.com>
Sent: Wednesday, June 26, 2002 10:07 AM
Subject: RE: [CANSLIM] WCOM restatement
> Absolutely.
>
> P&G is up over $1 at the open this a.m. Up 16% this year. 43% last
two
> years. Soap, toothpaste, quality people. All things you can count
> (on).
>
> Duke
>
> (I do have a position in P&G)
>
> -----Original Message-----
> From: owner-canslim@lists.xmission.com
> [mailto:owner-canslim@lists.xmission.com] On Behalf Of Winston Little
> Sent: Wednesday, June 26, 2002 9:48 AM
> To: canslim@lists.xmission.com
> Subject: Re: [CANSLIM] WCOM restatement
>
>
> There may be some merit to companies that make goods that I can see,
> touch and count such as houses, cars, chemicals.
>
> There may also be some merit to companies that pay dividends, as the
> crooks are less likely to borrow or steal funds to pay dividends.
>
>
> ----- Original Message -----
> From: "Dave Cameron" <dfcameron@yahoo.com>
> To: <canslim@lists.xmission.com>
> Sent: Wednesday, June 26, 2002 9:33 AM
> Subject: RE: [CANSLIM] WCOM restatement
>
>
> > Rocky (and all),
> >
> > Yeah... this is amazing. As a professional statistician, the
recent
> > events show why I don't use classical statistical techniques in
> > investing. I sold all my individual holdings in November - haven't
> > bought back in. Still hold the mutual funds for long term, but
> > continue to watch them dwindle.
> >
> > My line to people at work is that I'll be working until I'm 80....
> >
> > Dave
> >
> > --- Rocky Sanghvi <rs@mylodestar.com> wrote:
> > > I wish I could say that today coming blowoff will be the last one.
> > > There are other skeletons in the closet. More importantly the
> > > impact of the
> > > dropping dollar will be enormous in our highly leveraged financial
> > > system.
> > >
> > > From ECON 101
> > > Until now we were managing to balance our foreign deficits by
inflow
>
> > > of cash from other countries into our markets. The falling dollar
> > > is an indication
> > > that money is moving OUT of the country. Watch out for the ripple
> > > effects.
> > >
> > > Unless ofcourse we attack Iraq immediately and thereby create "a
> > > demand" for
> > > the the safety of the American dollar. ;) I guess I am cynical.
> > > Today
> > > the market lost me as an investor for a very long time. I quit.
> > >
> > > -----Original Message-----
> > > From: owner-canslim@lists.xmission.com
> > > [mailto:owner-canslim@lists.xmission.com]On Behalf Of Winston
Little
> > > Sent: Wednesday, June 26, 2002 8:34 AM
> > > To: canslim@lists.xmission.com
> > > Subject: Re: [CANSLIM] WCOM restatement
> > >
> > >
> > >
> > > The mantra of the clowns:
> > > "I want it ALL"
> > > "Give it to me NOW"
> > > "It is MINE, I deserve it"
> > >
> > > ----- Original Message -----
> > > From: "Kent Norman" <kent_norman@yahoo.com>
> > > To: <canslim@lists.xmission.com>
> > > Sent: Wednesday, June 26, 2002 8:12 AM
> > > 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
> > > > >
> > > > >
> > > > >
> > > > > -
> > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In
> > > > > the email body, write "subscribe canslim" or -"unsubscribe
> > > > > canslim". Do not use quotes in your email.
> > > > >
> > > > > -
> > > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In
> > > > > the email body, write "subscribe canslim" or -"unsubscribe
> > > > > canslim". Do not use quotes in your email.
> > > >
> > > >
> > > > =====
> > > > Opportunities always look bigger going than coming.
> > > >
> > > > __________________________________________________
> > > > Do You Yahoo!?
> > > > Yahoo! - Official partner of 2002 FIFA World Cup
> > > > http://fifaworldcup.yahoo.com
> > > >
> > > > -
> > > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In
the
> > > > email body, write "subscribe canslim" or -"unsubscribe canslim".
> > > > Do not use quotes in your email.
> > > >
> > >
> > >
> > > -
> > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the
> > > email body, write "subscribe canslim" or -"unsubscribe canslim".
Do
>
> > > not use quotes in your email.
> > >
> > >
> > >
> > > -
> > > -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the
> > > email body, write "subscribe canslim" or -"unsubscribe canslim".
Do
>
> > > not use quotes in your email.
> >
> >
> > =====
> > Dave Cameron
> > dfcameron@yahoo.com
> >
> > __________________________________________________
> > Do You Yahoo!?
> > Yahoo! - Official partner of 2002 FIFA World Cup
> > http://fifaworldcup.yahoo.com
> >
> > -
> > -To subscribe/unsubscribe, email "majordomo@xmission.com"
> > -In the email body, write "subscribe canslim" or -"unsubscribe
> > canslim". Do not use quotes in your email.
> >
>
>
> -
> -To subscribe/unsubscribe, email "majordomo@xmission.com"
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>
> -
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>
- -
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<DIV><SPAN class=3D656081116-26062002><FONT =
face=3DArial>Amen.</FONT></SPAN></DIV>
<BLOCKQUOTE dir=3Dltr style=3D"MARGIN-RIGHT: 0px">
<DIV></DIV>
<DIV class=3DOutlookMessageHeader lang=3Den-us dir=3Dltr =
align=3Dleft><FONT=20
face=3DTahoma size=3D2>-----Original Message-----<BR><B>From:</B>=20
owner-canslim@lists.xmission.com =
[mailto:owner-canslim@lists.xmission.com]=20
<B>On Behalf Of </B>Katherine Malm<BR><B>Sent:</B> Wednesday, June 26, =
2002=20
11:40 AM<BR><B>To:</B> canslim@lists.xmission.com<BR><B>Subject:</B> =
Re:=20
[CANSLIM] WCOM restatement<BR><BR></FONT></DIV>
<DIV>Hi Kelly,</DIV>
<DIV> </DIV>
<DIV>The '87 crash was considerably different....far more an event =
than a=20
process as is the current Bear which is undoing the excesses of the =
late=20
'90's. At that time, cocktail conversations rarely included talk of =
stocks,=20
but on Black Monday...people who didn't even know what the stock =
market was=20
all about were gathered around the TV at lunch time. In retrospect, =
the Fed's=20
quick intervention and the adjustments to program trading guidelines =
made this=20
a blip on the bull market screen, so the "throwing in the towel" talk =
was far=20
more short-lived than now. Most folks investing these days know little =
of what=20
creates value and perceived value in the stock market. Even fewer are =
students=20
of market history. But I'd bet the same conversations could be heard =
in the=20
30's and the 60's. Sometimes the best way to *really* learn it is to =
live=20
it.</DIV>
<DIV> </DIV>
<DIV>Besides, we're bored to tears..... :)) But I *am* enjoying the =
time off=20
to pursue summer reading...throw away novels of little =
consequence,=20
mindless fluff ....ah, what a pleasure!</DIV>
<DIV> </DIV>
<DIV>Katherine</DIV>
<DIV> </DIV>
<DIV> </DIV>
<DIV>----- Original Message ----- </DIV>
<BLOCKQUOTE=20
style=3D"PADDING-RIGHT: 0px; PADDING-LEFT: 5px; MARGIN-LEFT: 5px; =
BORDER-LEFT: #000000 2px solid; MARGIN-RIGHT: 0px">
<DIV=20
style=3D"BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: =
black"><B>From:</B>=20
<A title=3Dkelly.short@neoris.com =
href=3D"mailto:kelly.short@neoris.com">Kelly=20
Short</A> </DIV>
<DIV style=3D"FONT: 10pt arial"><B>To:</B> <A =
title=3Dcanslim@lists.xmission.com=20
=
href=3D"mailto:canslim@lists.xmission.com">canslim@lists.xmission.com</A>=
=20
</DIV>
<DIV style=3D"FONT: 10pt arial"><B>Sent:</B> Wednesday, June 26, =
2002 10:25=20
AM</DIV>
<DIV style=3D"FONT: 10pt arial"><B>Subject:</B> RE: [CANSLIM] WCOM=20
restatement</DIV>
<DIV><BR></DIV>If I were new to this earth and had just learned what =
the US=20
stock market was by reading the comments shared this morning =
post-Worldcom=20
I'd think the stock market was going bye-bye. I'll admit- I'm still =
wet=20
behind the ears when it comes to investing experience but I can't =
for a=20
minute believe that the same types of comments weren't passed around =
(albeit=20
pre-Internet, shiver) regarding the 1987 crash. Can anyone remember =
back=20
that far? I am correct and memory short? Or this truly "new"? Sorry =
folks- I=20
was in the sixth grade in 1987.<BR><BR>Kelly<BR><BR>P.S. - thanks =
for the=20
"Wall Street" quotes- it's the most used DVD I =
own!<BR><BR>-----Original=20
Message-----<BR>From: Cefaloni, John L Jr.=20
[AMSTA-AR-WEA]<BR>[mailto:john.cefaloni@us.army.mil]<BR>Sent: =
Wednesday,=20
June 26, 2002 10:18 AM<BR>To: <A=20
=
href=3D"mailto:'canslim@lists.xmission.com'">'canslim@lists.xmission.com'=
</A><BR>Subject:=20
RE: [CANSLIM] WCOM restatement<BR><BR><BR>At the risk of being =
corny, I=20
thought I'd dig up some quotes from the movie<BR>"Wall Street" =
(because=20
Hollywood tells us everything we need to know about<BR>life =
;-)<BR><BR>"The=20
main thing about money, Bud, is that it makes you do things you=20
don't<BR>want to do."<BR><BR>"Stop going for the easy buck and start =
producing something with your life.<BR>Create, instead of living off =
the=20
buying and selling of others." <BR><BR>"Stick to the =
fundamentals. =20
That's how IBM and Hilton were built."<BR><BR>"There are no =
shotcuts. =20
Quick-buck artists come and go with every bull<BR>market, but the =
steady=20
players make it through the bear markets."<BR><BR>"You're on a roll, =
kid. Enjoy it while it lasts, becuase it never =
does."<BR><BR>and, of=20
course...<BR><BR>"Man looks in the abyss, there's nothing staring =
back at=20
him. At that<BR>moment, man finds his character. And that is what =
keeps him=20
out of the<BR>abyss."<BR><BR>Of course, the movie is packed with =
many more=20
"bullish" quotes, but those<BR>will have to wait for another=20
day.<BR><BR>-----Original Message-----<BR>From: Winston Little=20
[mailto:wlittle1@peoplepc.com]<BR>Sent: Wednesday, June 26, 2002 =
10:33=20
AM<BR>To: <A=20
=
href=3D"mailto:canslim@lists.xmission.com">canslim@lists.xmission.com</A>=
<BR>Subject:=20
Re: [CANSLIM] WCOM restatement<BR><BR><BR>People in the rust belt =
are back=20
in style.<BR><BR>I believe the expression is "The meek shall inherit =
the=20
earth".<BR>There is merit to the people who work and sweat for a =
living,=20
instead of the<BR>glorified crooks of the past three =
years.<BR>Remember all=20
those clowns forming companies (with NO EARNINGS) that had<BR>market =
capitalization greater than that of General =
Motors?<BR><BR>Today:<BR>Lear=20
LEI is up.They make car seats and interior parts.<BR>Delphi DPH =
guided up=20
yesterday. They make electronic parts for cars =
(mostly<BR>GM).<BR>Visteon VC=20
guided up this morning.They make car parts (mostly for =
Ford).<BR>P&G (=20
as Duke pointed out) is up. Soap, toothpaste and paper =
towels.<BR>Donnelly=20
DON (mirrors for cars) is to be bought out by Magna (they make =
car<BR>parts) at 38% premium.<BR><BR><BR><BR><BR>----- Original =
Message=20
-----<BR>From: "Duke Miller" <<A=20
=
href=3D"mailto:dukemill@tampabay.rr.com">dukemill@tampabay.rr.com</A>>=
<BR>To:=20
<<A=20
=
href=3D"mailto:canslim@lists.xmission.com">canslim@lists.xmission.com</A>=
><BR>Sent:=20
Wednesday, June 26, 2002 10:07 AM<BR>Subject: RE: [CANSLIM] WCOM=20
restatement<BR><BR><BR>> Absolutely.<BR>><BR>> P&G is =
up over=20
$1 at the open this a.m. Up 16% this year. 43% last =
two<BR>>=20
years. Soap, toothpaste, quality people. All things you =
can=20
count<BR>> (on).<BR>><BR>> Duke<BR>><BR>> (I do have =
a=20
position in P&G)<BR>><BR>> -----Original =
Message-----<BR>>=20
From: <A=20
=
href=3D"mailto:owner-canslim@lists.xmission.com">owner-canslim@lists.xmis=
sion.com</A><BR>>=20
[mailto:owner-canslim@lists.xmission.com] On Behalf Of Winston=20
Little<BR>> Sent: Wednesday, June 26, 2002 9:48 AM<BR>> To: <A =
=
href=3D"mailto:canslim@lists.xmission.com">canslim@lists.xmission.com</A>=
<BR>>=20
Subject: Re: [CANSLIM] WCOM restatement<BR>><BR>><BR>> =
There may be=20
some merit to companies that make goods that I can see,<BR>> =
touch and=20
count such as houses, cars, chemicals.<BR>><BR>> There may =
also be=20
some merit to companies that pay dividends, as the<BR>> crooks =
are less=20
likely to borrow or steal funds to pay =
dividends.<BR>><BR>><BR>>=20
----- Original Message -----<BR>> From: "Dave Cameron" <<A=20
=
href=3D"mailto:dfcameron@yahoo.com">dfcameron@yahoo.com</A>><BR>> =
To:=20
<<A=20
=
href=3D"mailto:canslim@lists.xmission.com">canslim@lists.xmission.com</A>=
><BR>>=20
Sent: Wednesday, June 26, 2002 9:33 AM<BR>> Subject: RE: =
[CANSLIM] WCOM=20
restatement<BR>><BR>><BR>> > Rocky (and all),<BR>>=20
><BR>> > Yeah... this is amazing. As a =
professional=20
statistician, the recent<BR>> > events show why I don't use =
classical=20
statistical techniques in<BR>> > investing. I sold =
all my=20
individual holdings in November - haven't<BR>> > bought back=20
in. Still hold the mutual funds for long term, =
but<BR>> >=20
continue to watch them dwindle.<BR>> ><BR>> > My line to =
people=20
at work is that I'll be working until I'm 80....<BR>> =
><BR>> >=20
Dave<BR>> ><BR>> > --- Rocky Sanghvi <<A=20
href=3D"mailto:rs@mylodestar.com">rs@mylodestar.com</A>> =
wrote:<BR>>=20
> > I wish I could say that today coming blowoff will be the =
last=20
one.<BR>> > > There are other skeletons in the =
closet. More=20
importantly the<BR>> > > impact of the<BR>> > > =
dropping=20
dollar will be enormous in our highly leveraged financial<BR>> =
> >=20
system.<BR>> > ><BR>> > > From ECON 101<BR>> =
> >=20
Until now we were managing to balance our foreign deficits by=20
inflow<BR>><BR>> > > of cash from other countries into =
our=20
markets. The falling dollar<BR>> > > is an =
indication<BR>>=20
> > that money is moving OUT of the country. Watch out =
for the=20
ripple<BR>> > > effects.<BR>> > ><BR>> > =
> Unless=20
ofcourse we attack Iraq immediately and thereby create "a<BR>> =
> >=20
demand" for<BR>> > > the the safety of the American =
dollar. =20
;) I guess I am cynical.<BR>> > > Today<BR>> =
>=20
> the market lost me as an investor for a very long time. I =
quit.<BR>> > ><BR>> > > -----Original =
Message-----<BR>>=20
> > From: <A=20
=
href=3D"mailto:owner-canslim@lists.xmission.com">owner-canslim@lists.xmis=
sion.com</A><BR>>=20
> > [mailto:owner-canslim@lists.xmission.com]On Behalf Of =
Winston=20
Little<BR>> > > Sent: Wednesday, June 26, 2002 8:34 =
AM<BR>> >=20
> To: <A=20
=
href=3D"mailto:canslim@lists.xmission.com">canslim@lists.xmission.com</A>=
<BR>>=20
> > Subject: Re: [CANSLIM] WCOM restatement<BR>> > =
><BR>>=20
> ><BR>> > ><BR>> > > The mantra of the=20
clowns:<BR>> > > "I want it ALL"<BR>> > > "Give it =
to me=20
NOW"<BR>> > > "It is MINE, I deserve it"<BR>> > =
><BR>>=20
> > ----- Original Message -----<BR>> > > From: "Kent =
Norman"=20
<<A=20
=
href=3D"mailto:kent_norman@yahoo.com">kent_norman@yahoo.com</A>><BR>&g=
t;=20
> > To: <<A=20
=
href=3D"mailto:canslim@lists.xmission.com">canslim@lists.xmission.com</A>=
><BR>>=20
> > Sent: Wednesday, June 26, 2002 8:12 AM<BR>> > > =
Subject:=20
RE: [CANSLIM] WCOM restatement<BR>> > ><BR>> > =
><BR>>=20
> > > The answer is:<BR>> > > ><BR>> > =
> >=20
The same childish, short-sighted, immediate satisfaction =
that<BR>> >=20
> blinds<BR>> > > > them to the possibility that =
there is a=20
tomorrow... They run the<BR>> > > > business like they =
live=20
their life. All today and no tomorrow.<BR>> > > =
><BR>> >=20
> > Kent Norman<BR>> > > ><BR>> > > > =
- ---=20
"Cefaloni, John L Jr. [AMSTA-AR-WEA]"<BR>> > > <<A=20
=
href=3D"mailto:john.cefaloni@us.army.mil">john.cefaloni@us.army.mil</A>&g=
t;<BR>>=20
> > > wrote:<BR>> > > > > Well said, =
Tom. What=20
is it that makes people do things for<BR>> > > =
temporary<BR>>=20
> > > > gain<BR>> > > > > when they know =
they'll=20
probably get slammed for it in the<BR>> > > future?<BR>> =
>=20
> > ><BR>> > > > > I guess it's just greed,=20
stupidity and arrogance.<BR>> > > > ><BR>> > =
> >=20
> -----Original Message-----<BR>> > > > > From: =
Tom Worley=20
[mailto:stkguru@bellsouth.net]<BR>> > > > > Sent: =
Wednesday,=20
June 26, 2002 12:53 AM<BR>> > > > > To: =
CANSLIM<BR>> >=20
> > > Subject: [CANSLIM] WCOM restatement<BR>> > > =
>=20
><BR>> > > > ><BR>> > > > > once =
again,=20
Andersen strikes again, this time by signing off on<BR>> > =
> >=20
> Worldcom hiding over $3 billion in expenses as capital<BR>> =
>=20
> > > expenditures, and<BR>> > > thus<BR>> > =
>=20
> > inflating cash flow. Restatement expected to take away=20
last<BR>> > > five<BR>> > > > > quarters =
of<BR>>=20
> > > > profits and turn them into losses.<BR>> > =
>=20
> ><BR>> > > > > Who gave this sanction to a =
deviation=20
from GAAP (Generally<BR>> > > Accepted<BR>> > > =
> >=20
Accounting Principles)?? Andersen, of course. It's clear =
that<BR>> >=20
> Enron<BR>> > > > > was only<BR>> > > =
> >=20
the tip of the iceberg, as if Waste Management, Sunbeam, and =
a<BR>> >=20
> host<BR>> > > > > of other<BR>> > > =
> >=20
companies were not sufficient warning of major problems in<BR>> =
> >=20
corporate<BR>> > > > > policy<BR>> > > > =
> and=20
infrastructure. Sad to see a great name like Andersen<BR>> > =
>=20
prostituted<BR>> > > > > to<BR>> > > > =
>=20
selling its certification services for any price, but also<BR>> =
> >=20
clear that<BR>> > > > > it<BR>> > > > =
> must=20
disappear from corporate America. And until every major<BR>> > =
>=20
company<BR>> > > > > audited<BR>> > > > =
> by=20
Andersen undergoes a special review by the SEC on accounting<BR>> =
>=20
> > > practices, I doubt anyone will believe that we have =
finally=20
seen<BR>><BR>> > > > > it all.<BR>> > > =
>=20
><BR>> > > > > Tom Worley<BR>> > > > =
> <A=20
=
href=3D"mailto:stkguru@bellsouth.net">stkguru@bellsouth.net</A><BR>> =
>=20
> > > AIM: TexWorley<BR>> > > > ><BR>> =
> >=20
> ><BR>> > > > ><BR>> > > > > =
- -<BR>>=20
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