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Strategies & Market Trends : Value Investing
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To: Michael Burry who started this subject3/27/2002 11:01:23 PM
From: Don Earl  Read Replies (3) of 78744
 
Off topic discussions on accounting

I was curious to see what the SEC was doing on the issues surrounding accounting, and ran across this:

sec.gov

I listened to the first 15 minutes of the March 4 roundtable discussion before becoming so bored and disgusted I was no longer able to stomach any more of the nonsense. Warren Buffet fans are sure to be saddened by how far down the road of senility the once great man has tottered. When asked if there would be a benefit to investors to have access to actual tax filings as opposed to being limited to GAAP filings, his response what that it would be better if CEOs were to write a letter to shareholders about what they've done in the past year. When asked if CEOs should be held personally accountable for fraud, he didn't think that was a good idea either, he figured it was good enough that investors have the ability to vote against the crooks in proxy statements.

The SEC is a bad joke on tax payers and investors. The public would be better served by turning enforcement over to the FBI and offering a bounty to agents able to obtain a fraud conviction.

I also found this on the NASDAQ site today:

mktnews.nasdaq.com\www\Nasdaq\news\35\2002\03\27\200203271719DOWJONESDJONLINE000628.html&usymbol=9999

Another great joke on investors on enforcement actions. I wonder how the public would react to a news item along the lines of: John Doe consented without admitting or denying guilt to findings that he burglarized four homes. The court imposed a penalty of a censure and a bar against burglarizing homes for six months.

(cen-sure n. An expression of criticism and/or disapproval.)
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