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To: JBTFD who wrote (24720)	2/1/2002 9:20:21 PM
From: JBTFD	Respond to of 24894

For those who havent read it part 2 is here Message 16986844

To: JBTFD who wrote (24720)	2/1/2002 11:34:06 PM
From: Lazarus_Long	Read Replies (1) \| Respond to of 24894

LOL! There's a Part II to this? I think the SEC and FASB should get their butts in gear and fix the accounting rules that allow this to happen. And soon. And I bet they won't. The SEC, the "cop on the corner" is owned and operated by Wall Street. It mostly does what they want. "Reported earnings follow the rules and principles of accounting. The results do not always create measures consistent with underlying economics. However, corporate management's performance is generally measured by accounting income, not underlying economics. Risk management strategies are therefore directed at accounting rather than economic performance." SAY WHAT??? Translation: You're going to lie to us. I think Enron upper management and Andersen's accountants should be hung, drawn, and quartered. We'll probably be lucky if they get jail sentences, though. If the current administration actually did what they have said- -told Enron to take a hike when it pleaded for help- -it should have no problems. But I wouldn't bet on that. What is happening doesn't really surprise me. I actually expected things to break loose earlier. When the ship sinks in the bear market, the rats that were hiding aboard it come to the surface. This sort of thing happens after every bull market. This time it's going to be worse, though, because that wasn't just a bull market, it was a full blown BUBBLE.