The ENRON Scandal Message Board

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Non-Tech : The ENRON Scandal

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To: Mephisto who wrote (2631)	2/27/2002 2:52:50 PM
From: Baldur Fjvlnisson	Read Replies (2) of 5185

Much worse than useless garbage, part #729: *Jafb, all one needed to see yesterday (it should have been mandatory that CNBC show it, lol) at the hearing was former SEC commissioner Richard Breeden smile and say “The beauty of the rule they passed” to get sick… He was speaking about an accounting rule that was ok’d by the SEC which allowed a company to fabricate any earnings number that wanted to based on “long-term deals” He actually went on to say if it was a 10-year deal that was signed a company could take the 10 years earning up front even though they had no idea what the earnings would actually be worth. While smiling he said a company would simply come up with the most bullish earnings scenario for those 10 years worth of earnings and immediately book and report them. Listening to this yokel talking about the “beauty” of the rule we sure know in whose bed the SEC was sleeping in for the last 5 years…..* ragingbull.lycos.com

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