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Politics : PRESIDENT GEORGE W. BUSH
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To: Neeka who wrote (266242)6/23/2002 9:02:27 PM
From: Raymond Duray  Read Replies (4) of 769667
 
moenmac,

Re: I've taken a hit on Wall Street just like every body else,

Count me out of your "everybody". I've been in cash since April, 2000 because the market smelled so very wrong. I haven't taken a hit since my last day to be long, dropping $30K in one day was enough to wise me up and take my chips off the table.

You can also count the following out of your "everybody": 

 
Player           Scam           Appoximate Winnings
Lou Pai -         ENE                $300 MM 
Ken Lay -         ENE                 200 MM
Jeff Skilling     ENE                 150 MM 
Andy Fastow       ENE                  30 MM
Other execs       ENE                 500 MM  
Dennis Kozlowski  TYC                 300 MM
Gary Winnick       GX                 775 MM 
John Legere        GX                  20 MM 
Martha Stewart     ??                 150 MM 
Jim Crowe        LVLT                 150 MM
Kevin Kalkoven   JDSU                 100 MM
Josef Straus     JDSU                 150 MM 
Other CEOs who's stock has lost 
at least 50% of value from peak     2,000 MM 
                                   __________
TOTAL WEALTH TRANSFER               4,825 MM



Which, not coincidentally is just about equal to the losses in the stock market from peak valuation in March, 2000 to today.

Basically, the American corporate plutocracy is working in exactly the opposite fashion to Robin Hood. This "free market" is transferring the wealth of the middle class to the richest 1/2 of 1% of now seemingly completely unworthy schemers, con artists and criminals.

Don't you feel lucky to live in such a great land?

Le Faineant Qui Voit
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