Stockman Scott's Political Debate Porch Message Board

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Politics : Stockman Scott's Political Debate Porch

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To: stockman_scott who wrote (3089)	7/24/2002 9:43:46 AM
From: Jim Willie CB	Read Replies (2) of 89467

CNBC interview with CFO Shapiro of JPMorganChase this guy was smooth at first, then began to stumble his body language was deceptive, with closed eyes CNBC Haines gave me a very tough time so did EconGuru goofball Liesman Shapiro was immediately portrayed with an image of crook he gave his standard defense "we did appropriate work, treated everything appropriately" he claims JPM lost money, just like Enron shareholders he denied having control of Mahonia, the offshore SPE Liesman disagreed with him on control, implying a lie Shapiro claimed he operated under existing rules of SPE's Haines was firm: "use balance sheet relief == HIDE" Shapiro called financial engineering the lynchpin that lowered costs and helped the US economic boom Haines questioned whether it is just hiding losses and debt Shapiro said it lowers borrowing costs Haines again said it is hiding and deceptive Shapiro on four occasions felt under attack, used the closed eyes signal of lying, and fell back on his ... "we acted appropriately" line way too much in defense Liesman said the footnoted items of SPE were in poor detail Shapiro said it is all footnoted Liesman said you cannot separate the legitimate from the hidden crooked stuff in footnotes (why not mention that footnotes use a font size of 2?) Haines pressed that JPM seems to take others' word easily Shapiro said they cannot check all the numbers of 1000's of companies Shapiro said they relied on Enron numbers being audited Haines said they seemed to take the word of crooked people a lot Haines kept on the SPE theme (Special Purpose Entity, like offshore bank) he said lowered borrow costs came from deceptively transferring risk in a manner that is not clearly revealed to investors who try to investigate and understand Shapiro closed his eyes again Haines and Liesman were tough, solid, professional my hat is off to CNBC staff Shapiro closed by saying JPM shares are undervalued and that he will be buying shares today whew / jim

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