John Pitera's Market Laboratory Message Board

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Strategies & Market Trends : John Pitera's Market Laboratory

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To: John Pitera who wrote (5279)	12/13/2001 7:53:04 PM
From: Logain Ablar	Read Replies (1) of 33421

John: ON the face of it I'll go along with the ene management defense (Ken Lay said something similar) that they had made some bad investments. However, management crossed the line by knowingly hiding the mistakes and now taking its medicine. If Lay was unaware of this (hey Bill never had sex with Monica either) then he was just incompetent. At the least he was incompetent in picking his successor who was aware of it. The problem with the mania and with all growth companies is when a speed bump arrives. We get to see how good management is in how they handle it. ENE not only fails but they broke some laws. However, with the CFO having Boyles as his attorney who knows if anyone sees jail time. Ellison has accounting issues in the early 90's but at least could blame it on an agressive sales staff and no real accounting/financial controls with a young company. ENE had no excuse. Dell may have had some issues but from my feeble memory accounting gimicks were not part of it.

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