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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: reaper who wrote (176276)	6/28/2002 5:09:14 PM
From: marginnayan	Read Replies (2) of 436258

that people aren't doing their own work but relying on others. Very true. But you start your investment process based on public info about the company including the 10 Ks. So fund managers have to start researching a company with a criminal intent first. That's not how professors teach you to research a company in ivy league MBAs school. The point is the current A/C standards were based on mutual trust and ethical standards. And when they don't work, you change them and you change them real hard and fast and associate criminal penalties who violate them. 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). Sure no system is ever perfect to begin with and will never ever become perfect. It has be constantly monitored and changed if it does not work. No matter how hard you try, there will always be people who will be abuse it. Fear of being caught and criminally punished is certainly a hindrance including return of ill-gotten wealth to tax-payers. America certainly got rid of main stream mafia. I used to watch God father in early 70's or early 80's. So I think this task is doable if the Federal government and Congress desire to do so. Add to it intense media and public pressure and it becomes more doable. As far as my knowledge of market goes, I have not heard of A/Cs frauds of such mind boggling proportions in Europe. May be Steve Lee can help me on this one. You are right people need to take personal responsibility for their own actions. That includes me also. But it's becomes really hard for average person with limited knowledge of the market who has little choice but to rely on fund managers and investment advisors.

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