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Pastimes : THE SLIGHTLY MODERATED BOXING RING

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To: E who wrote (17573)	7/16/2002 9:12:59 AM
From: Bill	Read Replies (2) of 21057

Sorry to see that Mr. Lewis glances over the central misdeed of the Enron debacle. Self dealing is what brought this company down. Inflating revenues and profits by shifting transactions off balance sheets, and operating partnerships whose sole purpose is to hide these transactions while at the same time over-compensating officers through those partnerships. By hiding these activities, Enron officers committed a massive fraud. However, like so many journalists, Mr. Lewis overstates the loss in equity, misstates the extent of pension lock-ups, and errs on what constitutes "cashing in" stock before the collapse. He also somewhat disingenuously marries Enron to Bush when the record clearly shows Enron to be a bi-partisan briber. He talks about Enron's $550K contributions to Bush over 6 years as if it was some extraordinary amount, pretending he hadn't heard of Loral's $1 million PER YEAR funding of Clinton. Loral was a $30 billion bust too. Anyway, I don't like defending businesses that pull this kind of crap, but I do enjoy defending truth and proper perspective. JLA has been shouting about the Enron/Rubin connection and I think it will have legs when some of the noise is cleared out.

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