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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: NOW who wrote (136365)11/29/2001 7:52:31 PM
From: patron_anejo_por_favor  Read Replies (4) of 436258
 
I agree with John Dingell on VERY few things. However, if he's serious about reforming corporate accounting and getting rid of the same pro forma garbage that made the Enron fiasco possible, there may be hope for him yet!<NG>

nytimes.com

Rep. John Dingell of Michigan, the ranking Democrat on the Energy and Commerce Committee, said Enron's swift plummet from the heights of corporate power to the brink of bankruptcy reflected failures of oversight throughout the financial system.

"Where was the S.E.C.?" Mr. Dingell asked in a statement. "Where was the F.A.S.B.? Where was Enron's audit committee? Where were the accountants? Where were the lawyers? Where were the investment bankers? Where were the analysts? Where were the institutional investors? Where was the common sense?"

The answers to these questions is simple: all those responsible for regulating the financial services industries "left the building" at the request of an increasingly powerful financial services industry beginning in the late 90's, while the real crooks were robbing J6P blind. As a result, we (the average investor) are left with garbage for financial statements and reporting chock full of pro forma bull$hit from companies who's leadership has never been more interested in plundering our wealth for their own benefit. In a very real sense, no one is more culpable than Congress itself...except for the last 2 president's and their administrations, of course, and perhaps Mr. Moral Hazard himself. (Remember, you can't spell Moral Hazard without Al).
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