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To: Mike M2 who wrote (156678)	3/22/2002 9:26:50 AM
From: Mike M2	Respond to of 436258

I saw Scott Cleland of the Precursor group on CSPAN speaking about what when wrong with the telecom group- he was good. He discussed how stock options have given management a strong incentive to hype future prospects for growth. He also mentioned how investment bankers interests are aligned against ordinary investors. He spoke out against pro- forma accounting and how companies use pro-forma in the headlines to spin their results. Unfortunately, the Deputy Chief Accountant didn't appear to be as concerned about how it is abused. I had the impression that he felt pro-forma played an important role in helping investors - HA . I guess he doesn't want to alienate prospective employers in the private sector. The SEC accountant mentioned how they went after Trump BFD - just yesterday I heard pro-forma bs on CNBS. If I were in charge I would stop it NOW - yesterday. I was somewhat encouraged by Rep. Sue Kelly of NY - she seemed to understand the problem but I have little faith that we will have a timely solution - its already too late.. By the time the gov't acts the damage will have been done with trivial consequences for those who committed acts of economic violence against the investing public. Mike