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Pastimes : BS Bar & Grill - Open 24 Hours A Day

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To: aladin who wrote (2298)	11/5/2002 2:50:49 PM
From: Lazarus_Long	Read Replies (1) of 6901

These sort of scandals are a product of bubbles (and to a lesser extent, bull markets in general) and are not dependent on the politics of the administration in office. I remember thinking back in '97, '98, '99 that there had to be a lot of lying and shenanigans going on behind the scenes to create those steadily rising, wondrous earnings reports. The evidence was actually publicly available for anyone who cared to look. It wasn't even that hard to find. "Pro forma earnings"? What be those but a way of lying to investors wanting to believe? This has happened before. Remember '29? (Well, probably not, but you've probably read about it.) The same sort of thing happened under REPUBLICAN administrations then. After the bubble burst and the investigators moved in, the head of the NYSE went to jail and the CEO of First National City Bank (now Citigroup) committed suicide. [NOTE: I'm working from memory on that one. I think it was the head of First National City Bank.] So what's new?

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