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Pastimes : MANIPULATION IS RAMPANT --- Can We Stop It?
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To: Dave Gore who wrote (69)5/11/2002 11:49:41 AM
From: Dave Gore  Read Replies (1) of 589
 
On Analysts: "It's complete B.S. It's gotten to the point where you don't know who you can rely on."

Feb. 25, 2002 , "Business Week"

COVER STORY
The Accountant Who Lost Faith--and Money

Others: businessweek.com
Cover Image: The Betrayed Investor
Chart: The Road to Disillusionment
Table: The New Investor Class
Table: Poll: They're Fed Up (extended)
Table: The Fallout
Table: Post-Enron Reforms: What's Real and What's Not
The Attorney Who Stopped Opening Her Statements
The Couple That Switched to a Savings Account
The Retiree Who Washed His Hands of Wall Street
Commentary: A New Economy Needs a New Morality
Commentary: Congress Will Huff and Puff and...Do Little
Online Extra: Q&A: Paul O'Neill on the Enron Cleanup
Online Extra: Q&A: Harvey Pitt Details the SEC's Progress
Online Extra: Q&A: Morgan Stanley's Byron Wien on Valuations


"James J. Houlihan Jr.'s plan to retire at 50 is gone. In the last two years, he lost about 30% of a portfolio invested in such stocks as EMC (EMC ), Lucent Technologies (LU ), and WorldCom (WCOM ). Now, the 41-year-old must also work harder to rebuild his four children's college funds. "I just don't understand how a business can appear to be so strong and in six months become a fraction of its value," laments Houlihan. "There are people who know what's going on, and then there's the rest of us." He'll save more and spend less--but he's not counting on stocks to make up for what's lost. He and his brother run an accounting firm in Fort Wayne, Ind., so it's not as if he doesn't understand analyst reports. But now, he says, "I don't pay them any credence. It's complete B.S. It's gotten to the point where you don't know who you can rely on."

Link to this story and others:
businessweek.com
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