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To: chic_hearne who wrote (7839)	8/1/2000 8:35:45 PM
From: pater tenebrarum	Respond to of 436258

it does pay taxes, but enjoys huge tax rebates due to it's ESOP scheme, similar to other hi tech pyramids. in any event it's a financial engineering giant...and it's been on the forefront of fighting the FASB every step of the way w/regards to pooling of interests. probably because the days of the managed quarterly number would be in serious jeopardy if purchase accounting for acquisitions were to become mandatory. shareholders would finally get to see the true costs of those acquisitions. my argument has always been that if an acquisition makes economic sense, it will be done under any form of accounting. the pooling of interests thing keeps them gobbling up cos. left and right to keep the financial engineering going. if you want to look at a highly critical analysis of this look at Bill Parish's report on CSCO...he mainly focuses on the options and contends that the tax rate for CSCO is in effect zero. billparish.com