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Technology Stocks : America On-Line: will it survive ...?
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To: Tim Kenney who wrote (10143)6/2/1998 11:39:00 PM
From: Tim Kenney  Read Replies (2) of 13594
 
Heard on the Street Wednesday is about AOL, as Hawk suggested it would be. (Kudos, Hawk!) It "exposes" all the new accounting tricks that we folks were onto long ago. 1) The ridiculous accounting for the ANS sale, so that AOL can milk it for 5 cents per share of earnings every quarter for the next five years and 2) the recording of one-time gains as operating earnings. Of course, AOL and their hosannah chorus on Wall Street would have us believe that everybody should be engaging in this sort of accounting chicanery in which every operating expense is written off as a one-time charge, while every one-time gain is booked as operating profit. Go AOL, Go Wall Street, keep the dream alive in which any aspiring "entrepreneur" who is willing to lie, cheat and steal can make a mega-million. BTW, does anyone know how Boroslob, the original Case protege, is doing these days? Has he found a telecom company yet whose stock is even more overpriced than TALK to buy him out in a all stock deal?
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