VOLTAIRE'S PORCH-MODERATED Message Board

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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED

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To: stockman_scott who wrote (46198)	1/11/2002 1:47:41 AM
From: inesa	Read Replies (1) of 65232

Thanks. An insightful essay but it doesn't explain the sudden pull of ratings to ENE which crashed the stock and threw them into bankruptcy. Surely the ratings people knew they would cause the stock to crash, hence they knew thousands of people would lose their retirement. ENE's accounting merited a hard nose SEC inquiry and order but the ratings need not have been pulled because the company was still making a profit and filling an important trading niche. Insider trading could have been suspended, assets frozen pending an investigation, etc. things that are being considered now after the fact. I still don't get the reason why the stock needed to be wiped out. I want to see the decision making process and deliberations from those that downgraded the stock and caused the loan calls. They knew the consequences of their actions, 20,000 thousand people laid off with retirement gone. Whatever problems ENE had, the regulator actions could have been played differently.

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