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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: marginnayan who wrote (176216)6/28/2002 3:49:54 PM
From: reaper  Read Replies (5) of 436258
 
<<Botton line the market needs strict regulations and checks >>

and what regulation would that be? that the doofus managers at MFS actually read the financial statements of the companies they own? Tyco didn't LIE to anybody. everything is right there in the financial statements. Tice knew it, Chanos knew it, even know-nothing little ol me knew it.

everything i read about Tyco said something like "well, the SEC investigated their accounting, and gave them a clean bill of health, so they must be all right." this is precisely the point of the prior poster (marginmike) -- that people aren't doing their own work but relying on others.

most of these companies that are being "exposed" did everything within the "letter" of the law. that you can use the letter of the law and still produce "mis-leading" statements is not new and is surely not limited to the financial sphere (see our last president as a perfect case example).

adding new "letter" is NOT the solution. it will not in any way change people's ability to mis-lead. they will simply find a new definition of what "is" is. what is needed is for people to take personal responsibility for their own errors and to stop being patsies just standing there waiting to be ripped off by the charlatans.

end of rant

Cheers
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