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To: Joan Osland Graffius who wrote (150358)	2/8/2002 7:41:43 PM
From: patron_anejo_por_favor	Respond to of 436258

Fleck has an excellent quote from Colin Neygrich, on the significance of Volker taking that advisory position with Arthur Andersen: Giant In The Vale Of Pygmies This morning, Colin offered up one of his usual brilliant assessments of the present situation, so naturally I thought I would share it: "I have long suspected Volcker would one day have to return to the U.S. financial firmament as an antidote to Greenspan. In a meaningful sense, he just did. In his oversight role at Andersen, he will insist they become as squeaky-clean as he is. All other accounting firms will be forced to follow suit. The equity market is not priced for a 'smoke and mirror'-less earnings environment. The ongoing stock market bubble Greenspan et. al. engineered required more than monetary misbehavior for sustenance. Impressive earnings, real or imagined, were required. When real earnings of the spectacular sort were unavailable, the imaginary sort was intricately woven to veil the place left empty. Newness is good. Dishonesty and excessive leverage and pipe dreams are bad. Al, meet Paul -- again." Ladies and gentlemen, I have expressed it in different words, but this is the road map for our future, I believe, in which the reattachment of fundamentals to stock prices means much lower prices.

To: Joan Osland Graffius who wrote (150358)	2/9/2002 10:37:25 AM
From: Logain Ablar	Read Replies (1) \| Respond to of 436258

Hi Joan: A problem with a Bermuda holding company structure like TYC is it can't spin off subsidiaries tax free to shareholders like US domestic companies can. Its similar to the tax event where Ingersol Rand just converted to a Bermuda holding company to avoid the US tax on world wide income. The new Ingersol Rand stock exchange was a taxable event. Just in reverse. The US only allows tax free when its US assets (i.e. US company shares of stock). Tim