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Gold/Mining/Energy : ARAKIS: HIGH RISK OIL PLAY (AKSEF)
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To: philip who wrote (6246)6/19/1997 5:17:00 PM
From: Pluvia   of 9164
 
philip,

<<<The visciousness of the personal attacks we have witnessed this week on honorable people is most regrettable. >>>

Philip,

Let it be clear -- to you and everyone else that makes excuses for those that approved these loans -- personal loans of ANY size to officers are NOT acceptable in the world of investment banking. Nor are the acceptable to the NASD. In fact rumor has it the TSE is very unhappy about this issue and is considering taking actions. Anyone with any tiny bit of experience in securities should know this.

If you make loans to officers of the company you are taking advantage of your responsibility to handle the shareholders money. Making loans to officers is a DIRECT conflict of interest and a breech of fiduciary responsibility to the company. Investment bankers <and investors with any degree of intelligence> look at how officers spend the money taken from the public, and how they protect it.

Kahn and McLeod took advantage of their position and control over the shareholders money. This is not a gray issue philip, it is black and white. Taking advantage of the shareholders and breaching their fiduciary responsibilities IMO makes Kahn and McLeod SCUMBAGS. And SCUMBAG is as good as it gets for these two -- if there was misappropriation of funds as was rumored then it only things get worse.

I don't think there has been a lot of unwarranted name calling here -- these guys IMO have earned it. I can give you almost 1 million reasons why.

Cheers Steve
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