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Gold/Mining/Energy : Mirant Corporation (MIR) -- Ignore unavailable to you. Want to Upgrade?

To: Softechie who wrote (226)	2/21/2002 10:58:45 PM
From: Oeconomicus	Read Replies (1) \| Respond to of 903

Re AES: biz.yahoo.com

To: Softechie who wrote (226)	2/24/2002 11:28:50 PM
From: Asymmetric	Respond to of 903

Softechie, Regarding AES. Sorry for the delay in responding to your query. Whatever problems Mirant has, AES multiplies them in spades: dense accounting where analysts are unable to determine exactly which divisions/operations are contributing how much to overall profitability, off balance sheet financing, Latin American exposure, leverage of over 3:1 debt to equity, senior executives getting nailed by huge margin calls, etc. My own opinion is AES is a huge sprawling energy corporation that isn't run very well. I remember a story I read about a year ago where it was reported they were one of the few electric companies to actually LOSE money in California during the electric crisis. As one of the shareholders at their annual meeting stood up and said, "How in the heck did you manage to do that?". You might make money here at $4, after all it once sold for $70/share. But to me it would seem more like buying a lottery ticket than investing in something solid. Peter.