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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Nadine Carroll who wrote (124304)9/20/2001 5:21:50 PM
From: Ilaine  Read Replies (1) of 436258
 
Hi Nadine - Ice asked me to post this in response to your post to Magner about Cantor Fitzgerald - the following is verbatim from Ice:

>>>To:william e. magner who wrote (124187)
>From: Nadine Carroll Thursday, Sep 20, 2001 3:44 PM
>Respond to of 124307

>JRI, I was wondering the same thing. There must be some money to pay them even a small amount. Mike

>How do you figure it out if your entire accounting department is dead?

Tough, but you can get close. These bonuses, the big "outrage", are from last year. Cantor has accrued them and that total amount will sit on the financial statements which are likely issued monthly. And many people offsite have them.

So, now the only question is how to spread it out. You should be able to come up with some equitable allocation based on a multiple allocation formula which would take into consideration what the dead told their families, sample of names on trade tickets, and other things those familiar with the biz could think up better than I. Then you pay off the total accrued liability based on that.

Sure, some families might get screwed a bit and some might make out better than they should; but it is way better than saying forget about it for everyone.

Which points out the real problem: Cantor was levering up like everyone else and counting on tomorrow to pay for today. The money isn't there for the new guys or next day in the Ponzi scheme. They aren't alone. This issue torpedoed a Big 8 accounting merger well over a decade ago regarding pension payments. And accountants are supposed to be "conservative". LOL! Well, at least accountants are not as bad as the anal/brokerage scheme to get rich on a personal basis and shag the rest of the world.

It will be a bad shakeout.

Regards, IceShark (Kicked off for good by SI Jeff for fabricated reasons)

P.S. I said: "So, now the only question is how to spread it out."

That isn't really true. Cantor may have scammed the total payable number for banker reasons, which is a secondary issue to giving families their due. Which I was responding to.<<<
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