Barrick Gold (ABX) Message Board

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Gold/Mining/Energy : Barrick Gold (ABX)

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To: nickel61 who wrote (2231)	3/31/2002 6:14:14 PM
From: nickel61	of 3558

Copyright © 2002 BigBeaver/Kitco Inc. All rights reserved 1.Barrick was negatively affected by the Enron mess. To generate higher yields from its hedge book operations, Barrick invests in higher yield bond funds. By doing so, they are able to get better returns on their forward sale programs. As it turns out, Enron was one of the favorite companies of these bond funds most liked by Barrick. 2.The IRS is auditing Barrick’s accounting of its off-shore hedge book. Like Enron, they pay little tax on their offshore hedge book related profits. Whether Barrick has done anything wrong, remains to be seen. Barrick is very close to Morgan. Morgan’s Toronto office is one floor below Barrick’s in Toronto. Morgan and Barrick are seen together all around the globe. Not a week goes by that we do not learn more and more of Morgan’s incestuous relationship with Enron. The investment world is waiting for the details of that relationship. How was Morgan funding Enron, why, for what, etc? The Enron/Morgan article in the Wall Street Journal was the first major step in that direction.

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