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To: Yogizuna who wrote (9664)	2/8/2002 9:37:14 PM
From: Thomas M.	Read Replies (3) \| Respond to of 17683

The most important thing in this whole Enron issue is the lack of transparency in publicly traded companies. I have heard many people (like Joe Kernen, notably) bitching & moaning about how the market is overreacting. I disagree. The market is underreacting. We still have the most expensive market in history. GE, which tells its shareholders virtually nothing, is selling at 25 times earnings. That's a 4% earnings yield. I can do better than that in Treasuries. To me, the question is not why did Enron cheat on its off-balance sheet off-shore shell companies. To me, the question is why is any publicly traded company allowed to have them in the first place? That's banana-republic-esque. I really wish Gary Reed was still on this thread to comment, he had a way with words. Tom