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Originally posted by j8ear
What fraud? If wishes were fishes, huh? Can you elaborate?
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Are you F'ing serious???
What fraud?
How bout altering the books to make a drowning company look like a viable investment.
How bout violating every accounting principle out there.
How bout pressuring your accounting firm - Arther Anderson to break the law and agree with your fraudulant books.
How bout giving speeches to your employees encouraging them to buy shares stating that "never has our business model been more sound"
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Originally posted by j8ear
I feel for those effected by what happened, but blame largely poor judgement. I remember being offered a chance to invest in Enron in 1997. Turned it down because that company 'felt' shady to me.
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You must be mezmo. "It felt shady"
Wow, can you give me some other stock tips based on your "feel" of them. Most people or investment firms aren't so gifted, so we rely on certain financial statements to be accurate. Like the balance sheet for example. Most of us do our Due diligence and determine whether or not something is a viable investment and at what level of risk.
We don't always have your gift of ESP when it comes to stock purchases. We mere mortals have no choice but to count on the integrity of the auditors.
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Originally posted by j8ear
It happened to ALL KINDS OF PEOPLE WHO fell for the bloated inflated markets of the Clinton era. Gazillion dollar companies not even PROJECTED to make a penny for 10 years trading at $150.00 a share. What the fuck were those people thinking?
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That is a totally different scenario. Enron was not supposed to be a high risk speculative buy. It's balance sheet showed strong earnings and a healthy financial situation.
Enron was not like buying shares in bid.com.
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Originally posted by j8ear
Finally what does Bush have to do with it? Do you think they are not pursuing every single solitary avenue available to them to secure some kind of conviction for all of those corporate crooks? They got Sullivan (WCOM CFO) and Enron's CFO too if I recall. And they have passed all kinds of NEW laws to hold people accountable for these types of failures in the future.
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What Bush has to do with it is that his administration has taken NO action against the perpatrators of the crime at Enron. And make no mistake, these guys were criminals. As far as I am aware, no-one at Enron has done any time whatsoever. I am sure that if Bush wanted to get tough with crook CEO's, they would do something to deter this from happening again in the future, but they have not. That's why Bush. It's because it's his watch now.
The stock market tanked completely after Enron because investors simply lost their faith in the markets.