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Strategies & Market Trends : Scam Sniffing, Ball Busting Vigilantes
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To: EL KABONG!!! who wrote (197)2/2/2002 9:25:42 PM
From: Raymond Duray   of 292
 
Hello Kerry,

You, sir, are what makes SI worthwhile and occasionally wonderful. Thank you so much for you erudition, your measured cynicism and your obvious analytical abilities.

I have seen no better analysis of the proposed changes to the 401(k) holding regs in the media.

That said, I don't agree with a lot of what you had to say.

#1: The Boxer-Corzine Proposal, which is the main bit of legislation supporting the enforced diversification of holdings is a first shot across the bow by two liberal Democrats who I do not feel can both be tarred and feathered with the broad brush of cynical manipulation to force an untimely divestiture. Boxer is no friend of Wall Street and I don't see her having such a dark motivation. Corzine, because of his work history at GS, is a bit more suspect along the lines that you suggest. But I think that it was actually just an attempt to grab a headline, provide a soundbite and will, in the end be determined to be little more than a red herring.

#2: The most significant development of the past week is actually coming from a slightly different quarter. The accountancy profession is bending on its insupportable stance that they be allowed the gross conflict of interest that joint auditing and consultancy gigs for corporations allowed. Four of the Big Five have indicated a willingness to end the abuse. Guess who the holdout is? <g>

#3: Disgusted by our elected government, both parties, neither of whom gives a damn about the little guy...

On this point, we are in absolute agreement.

All the best, Ray
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