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To: Raymond Duray who wrote (14428)	2/4/2002 2:18:28 PM
From: AC Flyer	Read Replies (3) \| Respond to of 74559

Raymond: >>But a stinker like the End Run scandal really takes the scale and stretches it to new heights.<< Well, it is certainly high profile. These kinds of scandals seem to occur regularly, though. As far as I can see, securities and criminal laws were clearly and regularly broken at Enron. The essence of the company's technique was to create off-balance sheet entities that borrowed money and loaned it to Enron in exchange for Enron stock. At the same time these entities were used to manufacture earnings by engaging in transactions that allowed Enron to value certain tangible and intangible assets at prices that were far higher than an objective market value. This "created" book value for these assets that allowed Enron to impute earnings from these transactions. This all amounts to a variation on the classic Ponzi scheme and is clearly illegal. It will be a shame if all of the senior officers of Enron do not do time. While I did not see it, the reported spectacle of Mrs. Lay crying on national TV and claiming that she and her husband are victims of the Enron collapse is enough to make me vomit. Mrs. Lay, by the way, is a former secretary of Ken Lay. I have found the practice of dumping the first wife to marry the secretary to be an almost infallible indicator of lack of moral character in a man. It also, by the way, speaks volumes to the nature (manipulative, devious, narcissistic) of the woman.

To: Raymond Duray who wrote (14428)	2/4/2002 9:27:47 PM
From: Maurice Winn	Read Replies (1) \| Respond to of 74559

<I just put together a list of human endeavors from medicine to physics research to humanitarian NGOs and thought I might come up with some aspect of human activity that is more pure, honest or untainted than is the financial/political realm. Reflecting upon all the scandals and improprieties in all of these realms, I believe that all human endeavor is subject to being corrupted, and has been.> The expression "Money is the root of all evil" is silly. While the pursuit of money leads to all sorts of evil, it's not the money which is the problem. Money is like metres or kilograms, just a unit of measure. "Greed is the root of all evil" is more accurate. The pursuit of money is a good thing because honestly acquired, it means that value to that extent has been given voluntarily by other people in exchange for goods and services rendered. The more money somebody has, the more they have achieved for other people. So, sanctimonious, impoverished people who despise $ill Gates are contemptible failures in life who have achieved little for others. Having written that, it's obvious that it's only partly true, but it is partly true if their efforts have been in paying occupations. There are more ways to measure value than in money, but it's the main way in the earning world. My wife hasn't produced many dollars but I'd trade all my past, present and future dollars for what she's produced, for example [which, more or less, I have done - on a shared basis anyway]. As you say, greed and corruption are everywhere, from televangelists, to scientists, teachers and doctors to accountants and truck drivers. Politicians have a good share. Ghandi said [so they say] that the line between good and evil runs right through the middle of each person's heart. Mqurice