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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED
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To: stockman_scott who wrote (46135)1/10/2002 7:06:00 PM
From: inesa  Read Replies (1) of 65232
 
Mr. Lay declined a 60 million dollar option and he supported both Clinton and Bush equally, although his own politics were more aligned to the conservative side as most of Texas is anyway.

Even after writing off 600 million dollars in profits, ENE was still profitable for the year. The stock collapsed when they lost their rating. Seems to me an investigation is in order but the rating service could have acted with a bit more caution.

The jury is still out. The accountants have made statements that they followed the IRS code but were told later that their usage and interpretation was flawed. Given the complexity of the IRS tax code, I would hope that IRS officials are summoned to the hearings to explain just what the world their code means!
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