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Strategies & Market Trends : Zeev's Turnips - No Politics
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To: At_The_Ask who wrote (30641)2/17/2002 7:12:40 PM
From: DlphcOracl  Read Replies (2) of 99280
 
At The Ask: Here's a prediction:

I couldn't agree more with your post. However, many of the analysts and talking heads on CNBC see this as a "temporary problem" which is company specific for Enron, something that will quickly fade from the collective individual investor's memory, with resumption of the Bull Market shortly thereafter.

My prediction: The Global Crossing scandal (GX), is going to be investigated by Congress very shortly and will be every bit as disturbing as the Enron debacle. Investors will realize that this is NOT an isolated problem, that the never-ending parade of GX CEO's stayed on just long enough to line their pockets at the expense of the shareholder's. The complete disregard for shareholder value and frivolous issuance of millions of additional and unnecessary shares to enrich friends and buy political favors will shortly come to public attention. What will be even MORE disturbing than the criminal behavior at Enron is that much of what GX did was legal and stretched existing accounting loopholes and laws, suggesting to investors that this is a problem more widespread than would be suggested by Enron.

The loss of investor confidence and increasing concern that will result from these Congressional hearings will continue to "put a lid" on the market and (IMHO) prevent aby significant rally, despite the slow trickle of improving economic data.
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