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Non-Tech : Philip Morris - A Stock For Wealth Or Poverty (MO)
MO 58.79+0.8%1:23 PM EST
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To: Rarebird who wrote (1381)4/14/1998 11:45:00 AM
From: RWilson  Read Replies (2) of 6439
 
>Whatever is passed will contain strong liability protection or the vultures will not have their money to spend. Intimidation won't work here and opposition to enactment of the Mcain bill will prevent its passage. Just remember: "they" need the money by June and won't get it without the approval of the tobacco industry. >

RB:

Now whose speculating ?? Your assumption re "strong liabilty protection" is hardly defendable given recent events. Of course the congress may strengthen the current "bid" re liabilty protections to gain industry support. But remember: the "dems" "conscience" is represented by Koop and Kessler. They are needed more than industry support. Industry support is not required for pure excise taxes. (Hugh Rodham's and trial bar interests involvement is probably the best case for more liabilty protection. Clinton's smell family money !!)

A compromise which limits annual payouts, and the companies fork over more bilions brings me back to my main point: slow EPS growth and a rising multiple. I'll sell on the news.

Sorry. I remain a disheartened and chagrined former bull. I'm still long but selling on up-ticks. The congress will find the sweet spot of taxes and settlement dollars that allows MO to stay in domestic business, since the states are hooked on nictotine, but makes the investment potenital more like an annuity than a growth company.

RW
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