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Non-Tech : The ENRON Scandal
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To: Karen Lawrence who wrote (1207)1/26/2002 12:56:02 AM
From: Raymond Duray  Read Replies (1) of 5185
 
Hi Karen,

Re: Kmart - There's a reason we call it K-ame Apart....

A couple of the other prominent companies that got disparaging notice yesterday at the Senate Government Affairs Committee hearings were General Electric and Coca Cola. It seems that the "special purpose entity" has been a favorite at these other companies as well. I believe a very good living could be made over the next 18 months by shorting companies that are 1) audited by Arthur Anderson, 2) are highly involved in derivatives transactions and 3) make significant use of SPEs and off-shore tax havens.

Heard of any other candidates? In the telecom sector, MRVC comes to mind as fitting the description, at least with regard to the latter two qualifications. I haven't checked out which bunch of liars, er, auditors, it has hired to vet its fraudulent accounting yet.

-Ray
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