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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED

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To: Jim Willie CB who wrote (47392)	2/4/2002 6:01:36 PM
From: stockman_scott	Read Replies (1) of 65232

<<2 wks ago I said "1 in 3 chance of trust-based panic">> jw: you can thank Ken Lay and his team for creating this massive level of fear, panic and failure to trust the markets --> Enronitis is not unique BUT Ken Lay epitomizes what's truly wrong with our system. I think he may have helped trigger MORE loss of stock market wealth than bin Laden did...He should be treated as a very dangerous white collar criminal...Notice how he's hiding behind his lawyers --> he's trying 'an O.J.'...IMO, it won't work...Congress is really mad now and there not going to take it anymore....They are part of the complex problem BUT its reckless corporate execs who shirk responsibility that are the biggest problem. If I were sentencing Ken Lay it wouldn't be funny -- if he was guilty of fraud and insider trading he would pay some record fines and be sent off to Alcatraz for about 2 decades...You can see why they're not letting me close to this case <G>....The safeguards for our reporting and financial system need UPGRADING big time...Kudlow thinks the SEC should become 'The FBI of the Accounting profession' -- they would need a lot of new resources to make that happen. Our regulators and corporate board members have been asleep at the wheel...Its time to really learn from The Enron Outrage and create some new safegaurds. We also need some penalties that count. Corporate execs need to know that they will pay A HUGE PRICE if they behave like Ken Lay or Global Crossing's CEO in the future. -Just the views of ONE VERY FRUSTRATED INVESTOR up here in Chicago. Regards, Scott btw, I can understand why Kenny Boy and his wife had to hire bodyguards...he doesn't have to worry about me BUT what about the thousands of folks that have lost their jobs and their savings...Not everyone is overly stable these days...Look at what happened to Baxter (oops, we really don't know what happened to Baxter)...Stay tuned...IMO, the Enron investigations will be top of mind for quite some time...they'll make the WhiteWater investigations look like kids' stuff....This is a MUCH DIFFERENT type of situation and the stakes are higher.

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