Clown-Free Zone... sorry, no clowns allowed Message Board

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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: Knighty Tin who wrote (184049)	7/29/2002 3:45:38 AM
From: Night Trader	of 436258

KT, The Washinton Post has a series on the fall of Enron and this passage struck me: On Aug. 17, shrugging off the Skilling resignation, Lehman Brothers rated the company a "strong buy" and said: "The Enron machine is in top shape and continues to roll along. We don't see any reason to change our estimates or outlook." Enron shares were trading at slightly more than $36 a share. In the third week of August, Chung Wu, a UBS PaineWebber broker in Houston, e-mailed 73 investment clients saying Enron was in trouble and advising them to consider selling their shares. Some of his clients were Enron executives, and the managers of the company's stock option plan soon heard about Wu's action. They demanded that he be disciplined. PaineWebber handled personal investing for many Enron top executives, and the firm itself was recommending Enron to investors as "a strong buy." PaineWebber later said it fired Wu because he gave clients advice contrary to the company's without authorization. Enjoy Hartford though I'd watch out for those wives.

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