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Gold/Mining/Energy : Enron - Natural Gas Industry
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To: Bryan Steffen who started this subject12/4/2001 12:30:14 PM
From: buffaloha  Read Replies (1) of 1433
 
Spin, right from the horses mouth...

AA:
"``Enron's collapse, like the dot com meltdown, is a reminder that our financial reporting model, with its emphasis on historical information and a single earnings-per-share number, is out of date and unresponsive to today's new business models,'' Berardino said.

``We can't long maintain trust in our capital markets with a financial reporting system that delivers volumes of complex information about what happened in the past but leaves some investors with limited understanding of what's happening at the present and what is likely to occur in the future.''

Berardino said his firm is fully cooperating with investigations into Enron and ``If we have made mistakes we will acknowledge them. If we need to make changes we will. We are very clear about our responsibilities.''

The accounting profession itself needs to clean up its act and acknowledge conflict-of-interest and other criticisms, he said.

``Some criticisms are off the mark but some are well-deserved,'' Berardino wrote in the Journal. "We need to consider the responsibilities and accountability of all the players in the system as we review what happened at Enron and the broader issues it raises."

Well, it seems AA thinks it all depends on the rules of reporting, not necessarily wrongdoing by ENE, if one is allowed to read between the lines. Isn't AA auditor for BOTH ENE and DYN? Hmmmm.....
(if there are no ten commandments, how can there be any sinners?)

Should be interesting if this one is able to break resistance at $1.
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