Enron - Natural Gas Industry Message Board

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Gold/Mining/Energy : Enron - Natural Gas Industry

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To: stockman_scott who wrote (1271)	1/11/2002 9:26:25 AM
From: James Calladine	Read Replies (1) of 1433

ANDERSON, ETC. Just speculation, but I think it will become public knowledge that: -- off balance sheet transactions are common -- they have been set up to hide debt and maximize income and minimize expense on the PUBLIC financials -- the consulting wings of the Big 10 accounting firms DESIGN the vehicles in ways that enable the auditing wings to IGNORE the off-balance sheet transactions -- the big fees paid to the consulting wings are the equivalent of "silence money" -- reform in accounting standards etc has been slow because the auditing firms are benefitting too much from the present fraudulent arrangements -- complicity in this extends to major international banks who step up to the plate to fund these deals, in exchange for HUGE returns -- large political contributions of the firms in question buy them immunity from regulatory oversight In principle, I don't think there is anything all that NEW about what is going on. But the pervasiveness is still yet to be understood. Maybe it will not, however, because there are a lot of people with investments in the continuation of the status quo. Namaste! Jim

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