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Non-Tech : The ENRON Scandal -- Ignore unavailable to you. Want to Upgrade?

To: Binx Bolling who wrote (193)	1/22/2002 8:07:58 PM
From: Mephisto	Respond to of 5185

I've been wondering how Trump got away with it. The SEC didn't fine him recently. "The reality is that while the bulk of the players at the vast U.S. capital markets table are free of taint, there are plenty of people who play fast and loose with the rules. And why not? They can often get away with it. And even when they get caught, they usually get off pretty lightly. What's a little embarrassment, a few legal bills and the occasional small financial penalty when millions of dollars are at stake? Just the other day, Donald Trump's casino company reached a settlement over what regulators said was misleading information given to the public . . . in 1999. The SEC trumpeted the case as the first stemming from a crackdown on the growing corporate habit of massaging financial results to make things look better than they really are. Yet Trump Hotels & Casino Resorts paid no financial penalty -- unlike the investors who rushed to buy the stock on the apparent good news. In fact, the company didn't even have to acknowledge that it had done anything wrong. It merely promised not to do it again. This, despite the fact that the actions of three senior officers (but not Mr. Trump, who was chairman at the time) caused the company to violate "the anti-fraud provisions of the Securities Exchange Act by knowingly or recklessly issuing a materially misleading press release." Where are market cops when we need them? By BRIAN MILNER Tuesday, January 22, 2002 – Print Edition, Page B23 globeandmail.ca.