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Technology Stocks : Siebel Systems (SEBL) - strong buy?
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To: Shane M who wrote (2876)6/30/1999 10:15:00 AM
From: Lee L.  Read Replies (2) of 6974
 
CFO has a history of aggressive or some would say fraudulent revenue recognition

This is old, old, old news. Howard Graham left Informix just before Phil White was booted out of IFMX for fraudulent revenue recognition practices.

Given that Graham's finger-prints are all over the IFMX disaster, should we suspect that Siebel's numbers are tainted? In my opinion, no. There is 0.002% possibility that Graham would apply these techniques at Siebel. The entire software industry has learned from the financial reporting disasters at Oracle, Informix and others. As for Graham himself, I'm sure that every transaction in his group is closely controlled. As a Siebel customer, I was contacted on two occasions by their auditor to verify that my order letters were valid.

Siebel may screw-up somewhere, but it won't screw-up its financials.
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