Technology Stocks & Market Talk With Don Wolanchuk Message Board

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Strategies & Market Trends : Technology Stocks & Market Talk With Don Wolanchuk

SOXL 56.07

+2.6%

Jan 13 4:00 PM EST

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To: Chip McVickar who wrote (3426)	7/16/2002 5:51:02 PM
From: Chip McVickar	of 207788

DJ. Greenspan Expects To See `A Lot` Of Earnings Restatements WASHINGTON (Dow Jones)--Federal Reserve Chairman Alan Greenspan said Tuesday he expects "a lot" of U.S. companies to restate their earnings in the next month, teaching regulators and investors a useful lesson. "There's a deadline of Aug. 14, which the (Securities and Exchange Commission) has promulgated for these statements to come in place, and I think we're going to see a lot of restatements in this process," Greenspan told the Senate Banking Committee. Amid a wave of accounting scandals, the SEC has instructed top executives of some of the country's biggest corporations to personally vouch for the accuracy of their company's earnings statements. Analysts expect that to prompt several companies to restate their earnings. "Remember that it is most unlikely that we have seen all of the yet-undiscovered events," Greenspan said. "But...this is all stuff. It's history. But we'll learn something from it." "It's not as though everybody should be shocked by this," he said. "I mean, we had these pro forma statements for months and quarters back when the market was roaring away, and it was the most imaginative accounting I have ever seen." "Everybody knew what was going on," he said, referring to securities analysts. "So it wasn't as though people were creating forms of accounting which people who were watching the numbers were not aware of." -By Joseph Rebello, Dow Jones Newswires; 202-862-9279; joseph.rebello@dowjones.com

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