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Gold/Mining/Energy : Swing Trading Toronto Stock Exchange Listed Stocks
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To: Swami who wrote (2683)12/3/2001 3:32:58 PM
From: Vitalsigns  Read Replies (1) of 2773
 
Swami,
As early as March of this year, Street.com was questioning Enron's company structure and links to management. Most have said that Enron's accounting practises pushed SEC rules to the limit.

Turns out that ENE was shifting losses into these seperate entities in order to report higher earnings and beat the street. No one knew exactly what debts they owed because many were not carried on ENE's books but in the seperate companies thereby improving the Net asset value of ENE on paper.

Goldman Sachs is one of the largest and most respected invesment banks in the US and the fact that their #1 pitch Woman Abby gave it a thumbs up in October makes it even worse.

Why did GS not uncover the accounting loop holes that others were able to?

By having Abby Cohen give it a Buy to the public, you have given it a Gold seal of approval because of her stature at the company, so who dropped the ball at GS ?

DID Abby receive an unintended fairwell gift from the company knowing she would fall flat on her face on this one.

There is no question of fraud at ENE, and of accounting irregularities , which became evident early this year , so GS must have known,did they own shares that needed to be unloaded to an unsuspecting public?
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