Goldman Sachs Group Inc. NYSE:GS Message Board

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Non-Tech : Goldman Sachs Group Inc. NYSE:GS

GS 775.78

-1.5%

1:48 PM EST

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To: Don Green who wrote (200)	11/29/2001 1:52:18 PM
From: J Fieb	Read Replies (1) of 411

WHy listen to GS at all? Better to think for yourself?... Just over 1 month ago... Street analysts don't shed much light on Enron other than to reiterate their confidence in management. Goldman Sachs analyst David Fleischer, a fan of the stock, sought recently to take on Enron's critics by addressing the negative market speculation. Regarding the negative cash flow in the first half, Fleischer said in a note to clients that it stemmed from the repayment of margin balances that were taken in last year when energy prices were high. One of the major charges against Enron is that it manufactures profits through fair-value accounting of complex energy contracts. The Goldman analyst downplayed these concerns, saying this accounting is used in only a small part of the energy trading operations and that most of Enron's profits are recurring in nature. The bull case for Enron is that the company is the innovative market leader in the booming energy trading area and will continue to generate high annual profit growth. Scary.

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