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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: byhiselo who wrote (26768)	2/4/2002 2:32:48 PM
From: Softechie	Read Replies (1) \| Respond to of 99280

Enron's Powers: Collapse was avoidable By Matt Andrejczak 02/04/2002 14:13 -------------------------------------------------------------------------------- Enron Director William Powers, who oversaw an internal report on the one-time energy trader's collapse, told lawmakers in prepared testimony on Monday: "What we found was appalling." According to Powers, Enron [s:enrnq] didn't follow accounting rules and its management routinely distorted its financial condition. "This is a tragedy that could and should have been avoided." Meantime, at the hearing, SEC Chairman Harvey Pitt told the House panel the agency is planning a full-scale review of corporate disclosure laws to avoid another Enron-like tragedy. "There are fundamental longstanding flaws in our system -- and now they are on the table," Pitt said. The SEC chairman also urged the Financial Standards Acccounting Board to set new audit standards on limited partnerships.