Anybody watching the WCOM hearing?
Ebbers takes the fifth, Sullivan too. Andersen's (paid $4.5million annually) autitor signs off on the audit, but can't say how the $3.6, (or .7, or .8, or .1 depending on who you listen to) was moved because the information hasn't been provided to him, and he's not sure if the information is a public record yet. Analysist Jack Rudman attends private board meeting 3 times (that he can recall), issues a "buy" sometime in '97 or early '98, and doesn't go "underperform" until the company's price is below the buy...three years or more later. Duh. And the information gained in the meetings? No, it may not have been public, and it may or may not have affected his view of the company.
The members on the House Committee may be asking useful questions, but they never seem to get useful answers. And the impression I get is that the members will be reelected and the witnesses will not go to jail, be fined, lose their houses, or be forced to make restitution, or be fired by their auditor and wall street firm employers so will be empowered to overlook other frauds at some other time.
Chaz@darkmood.com |
