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Technology Stocks : Amazon.com, Inc. (AMZN)

AMZN 239.63

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3:01 PM EST

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To: Glenn D. Rudolph who wrote (23138)	10/26/1998 9:16:00 PM
From: OtherChap	Read Replies (2) of 164684

Amazon accounting fraud? Looks like it. >They re-stated fiscal 1997 losses as though they owned >Jungalee from $31,020 million to $93,655 million. This will make a >year over year >comparison look far better since they now lost a lot more last year. >The most interesting is that Amazon had absolutely no financial >interest in Jungalee in 19997 >but chose to add the Jungalee losses to the Amazon losses. Loses now >for Amazon in 1997 will be stated at $2.09/share. Some would call this "creative accounting at its best" but most would just call it outright fraud. The way bezos manages to hide most of the dirty laundry in obscure SEC filings that nobody ever sees never ceases to amaze me. Even more amazing is the fact that he has gotten away with it every time! If Amazon truly has moved the Jungalee losses back to "last year" in order to make the sequential revenue increases look 300% better, than I will publicly state that Amazon's accountants are nothing more than a bunch of criminals. There, I said it about as plainly as possible in a public forum. Go ahead, sue me you bastards. I'd love to have all this come out in court. Be that as it may, I am still long Amazon stock for precisely the reasons outlined above. Bezos and Vinik are crooks, and they are cooking the books like nobody's business. There is no reason to believe that the public will wise up anytime soon, and all the analysts are already up to their neck in this stock so they'll just turn a blind eye. You know what normally happens to a stock when they restate earnings? Especially on such a massive scale as amazon did today? They usually get chopped in half. But amazon manages to sneak the info into an obscure sec filing, and no analyst ever mentions it. I cant believe Bezos has the balls to do something this flagrant- he must be getting incredibly desperate to beat the 3rd quarter numbers to stoop this low.

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