fallout from Enron, in my opinion:
much tighter GAAP rules, ending "OTHER" and ProForma crapp
the off-book abuses are pure fraud most of the time
and violation of disclosure all of the time
ProForma has become a comedy
tougher enforcement of accounting by SEC, with fines
they need to fine 50-100 companies per year until it ends
$5 Billion class action lawsuit against Anderson
kill them, kaput, make an example
$100M settlement with SunBeam's class action lawsuit will seem small soon
phase in the next largescale deregulation effort
whenever a sector is deregged, strange control abuses follow
look at wireless, mired for next 3 years at least
overexpansion, overpaid spectrum licensing
look at telephone, which merely moved to local strangehold
FTC is another problem altogether, blocking healthy mergers
Dynergy, Calpine rise 300-400% by 2004
these were trashed unjustiably, as will be seen in several months
the NewYorkTimes slammed Calpine irresponsibly, and will be embarrassed
/ jim |
