THE SLIGHTLY MODERATED BOXING RING Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Pastimes : THE SLIGHTLY MODERATED BOXING RING

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Lazarus_Long who wrote (16884)	7/8/2002 3:03:57 AM
From: Dayuhan	Read Replies (1) of 21057

An amusing sort of scam... In its filing with the Securities and Exchange Commission Friday, Reliant said "round trip trades" the company engaged in during 1999, 2000 and 2001 should not have been reflected in its revenues or expenses. The trades added $6.4 billion to the company's revenues during that period. Federal regulators are investigating Reliant and numerous other energy companies for the so-called round trip trades, in which electricity is bought and sold at the same quantity and price to inflate revenue and trading volume. "The personnel who effected these transactions apparently did so with the sole objective of increasing volumes," the Reliant filing said. Of course all of the dirty work was done by anonymous "personnel". Oddly, the shares are up a bit. Of course they do claim that the "errors" don't effect earnings, and the company is reporting earnings of $3.19/share over the last year. But how much credit does one give to any of their numbers now?

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next