RE: [CANSLIM] Banks helped WCOM cover-up

From: "Fred Richards" <adrich@gte.net>
Subject: RE: [CANSLIM] Banks helped WCOM cover-up
Date: Wed, 24 Jul 2002 17:04:28 -0500

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You are really a cynic!

Don't you know that there are two sets of rules and accounting standards.

Unfortunately, you must use the more restrictive one.

- -----Original Message-----
From: owner-canslim@lists.xmission.com
[mailto:owner-canslim@lists.xmission.com]On Behalf Of Spencer48@aol.com
Sent: Wednesday, July 24, 2002 5:01 PM
To: canslim@lists.xmission.com
Subject: Re: [CANSLIM] Banks helped WCOM cover-up


Don and Tom:

     As I understand it, the reason the banks were able to loan Enron credit
was because they used Enron's "energy swaps" as assets.  In other words, the
collateral wasn't tangible, just "pie-in-the-sky" Enron predictions.  Thus,
the bank accountants will probably say:  "Gee.  We thought Enron's assets
were real.  We just made a mistake."

     I have a feeling that if such a mistake were made with an individual,
there would be cries of "Fraud".

jans




In a message dated 7/24/2002 9:11:31 AM Eastern Daylight Time,
stkguru@bellsouth.net writes:

<< The banks (at least two, JP Morgan Chase, and Citigroup) are now revealed
as having marketed the same kinds of energy swapping "loans" that they were
doing with Enron to a number of other companies, and at least three bit on
the deal.

 Combined with them also being the bankers for Worldcon, this mess is a long
way from being over.

 ----- Original Message -----
 From: Donald Wallker
 To: canslim@lists.xmission.com
 Sent: Wednesday, July 24, 2002 7:54 AM
 Subject: [CANSLIM] Banks helped WCOM cover-up


 In case you missed it, today the Washington Post  noted that several big
banks were in  bed with and helping WCOM in its debt cover-up.  Imagine - JP
Morgan  and others
  >>

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