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Strategies & Market Trends : Gorilla and King Portfolio Candidates

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To: Mike Buckley who wrote (51991)	7/11/2002 5:05:01 AM
From: chaz	Read Replies (2) of 54805

Mike... Not to change the subject, but perhaps you, or another financial archeologist, can or will attempt to answer a question. How would someone looking at SEC filings discover something like the following: Reports have indicated that one of the practices being examined is a process called "capacity swaps," whereby Qwest bought telephonic capacity on another company's system and booked it as a capital expense, which is only recorded slowly over several years, while selling the same amount of capacity to the other firm, and booking that immediately as revenue. The above statement is in a news story relating to and SEC investigation of Qwest, carried here on SI. I don't own Qwest, but I've looked at their reports and I have no clue that something like this shady practice is revealed by them. Maybe I don't know how to look with sufficient expertise, or maybe it really isn't there. If the latter is the case, how can an investor protect himself...from any company that wants to enhance it's earnings statements to jack the share price? Chaz

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