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Technology Stocks : Intel Corporation (INTC)
INTC 36.85-2.7%9:57 AM EST
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To: herb will who wrote (133737)4/30/2001 5:38:02 PM
From: pgerassi  Read Replies (2) of 186894
 
Dear Herb:

Perhaps you need to look at the largest fraud on record. It involves years, computers, two sets of books, and billions of dollars. The auditors did not catch that one either. The rapidity in this market (CPUs), stuns many investors who do not know a CPU, if they were looking at it. Some "bean counters" have never seen one. How can they tell if it is worth what some says it is? Usually by selling it or by the costs a building one just like it. The latter method fails as the value depreciates very rapidly. And the former method fails because each is unique. If Intel says that one of its plants is worth X, can the auditors verify this? The government sets a limit for depreciation that is usually much longer in the beginning than the actual real world depreciates the value. But if a corporation wants it to depreciate it slower, the government allows this (they get more revenue that way and sooner is better than later). But, the shareholders should know that the company is doing this.

GAAP is the method to let the shareholders compare between companies better. It needs to go much further (it is slowly getting there). It stops the dodge about excluding acquisition costs but does not stop the under depreciation dodge or the larger share options dodge. Employee and Officer share option costs should be an expense. Both Intel and AMD would show lower profits, if those expenses were included.

Pete
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