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Technology Stocks : Network Associates (NET)

NET 197.00

-0.3%

Nov 26 3:59 PM EST

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To: Edwarda who wrote (4278)	3/14/1999 7:54:00 PM
From: Chuzzlewit	Read Replies (1) of 6021

Edwarda, any feeling for when the accounting dispute with the SEC will be resolved? I thought Buffet's remarks were right on target. It seems to me that the whole point behind pooling of interest merger accounting has been compromised with the various reserves and "one time costs" that accountants set up that allow for misrepresenting future earnings. I think it is time that the accounting industry fairly review what it is allowing. If the point behind accounting is to provide investors, creditors and other interested parties a fair view of an enterprise's activities, then I believe that the exercise falls woefully short of the goal. Too much of accounting seems bent of hiding and obfuscating pertinent events. My two major hobby horses are the use of stock options for payment of wages off of the income statement, the sole purpose of which seems to be to fool investors, and the use of pooling of interests accounting to artificially increase future earnings (again, with the apparent aim of fooling shareholders). TTFN, CTC

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