Disciplined Investing, especially the NAIC way Message Board

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Strategies & Market Trends : Disciplined Investing, especially the NAIC way

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To: 249443 who wrote (315)	4/10/2002 1:18:34 AM
From: - with a K	Read Replies (1) of 469

Thanks. I found these items: Jim Jubak on The Street.com: Elan: Didn't anybody on the audit committee at Elan see that the company was too deeply connected with its auditor KPMG? Donal Geaney, Elan's CEO, is a former KPMG partner. So is Chief Financial Officer Shane Cooke. Hard to see KPMG getting tough with its former partners. The company has been "aggressive" about taking research and development joint ventures off its balance sheet and has used accounting that inflated revenue by investing in tiny biotech firms that would then use Elan's capital investment to pay for research conducted by Elan. Elan would then book that payment as revenue, thus round-tripping its own capital. Link to Greenberg story on Yahoo: messages.yahoo.com

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