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Strategies & Market Trends : Strictly: Drilling II -- Ignore unavailable to you. Want to Upgrade?

To: TheBusDriver who wrote (10328)	4/2/2002 7:32:54 AM
From: long-gone	Read Replies (1) \| Respond to of 36161

SEC Opens Baker Hughes Probe Mon Apr 1, 9:10 AM ET HOUSTON - The Securities and Exchange Commission (news - web sites) and the Department of Justice (news - web sites) are investigating Baker Hughes Inc. in connection with its operations in Nigeria and other related matters, the company has announced. Last week, a former region operations manager for the company's oil and gas drilling operations in Nigeria filed a lawsuit against his former employer, claiming the company fired him for refusing to pay a bribe to a Nigerian oil official. "Baker Hughes' policy is to provide full cooperation to the government and it is doing so in connection with this matter," the company said in a statement Friday. Alan Ferguson, a British national who was overseeing a division of Baker Hughes' operations in Nigeria, filed the lawsuit last Monday. He said he lost his job five months after refusing to give a share of the company's contract revenues to the Nigerian official. According to Ferguson's lawsuit, Houston-based Baker Hughes was bidding on an oil and gas project with the Shell Petroleum Development Co. of Nigeria in 1999. Ferguson and another Baker Hughes manager in Nigeria were allegedly informed by a manager of Western Geophysical — a company now owned by Baker Hughes — that his company had an inside contact at Shell Nigeria who agreed to give Baker Hughes a two-year contract to drill the wells if he received a percentage of the gross revenue. Ferguson complained to the company's human resources department about the bribes. He was then transferred to another project in the United States, according to Ferguson's attorney. Five months later, in October 2001, he was laid off. Baker Hughes said before the lawsuit was filed, it had begun an investigation of its operations in Nigeria. The probe is still ongoing. "Baker Hughes is committed to integrity in all its activities and will not tolerate improper payments or other improprieties by any employee or in any of its business dealings," the company said. The lawsuit, filed in state district court in Houston, comes just six months after Baker Hughes settled with the SEC in connection with allegations it bribed a government official in Indonesia to cut the company's tax liability from $3.2 million to $270,000. The company settled the complaint without admitting or denying the charges. story.news.yahoo.com

To: TheBusDriver who wrote (10328)	4/2/2002 8:29:31 AM
From: Frank Pembleton	Read Replies (1) \| Respond to of 36161

Wayne... in a sense I am playing the patch - by living and working in it ... owning real-estate in it -- maybe that's why I feel a little more diversified by playing another sector. Maybe... but along with a few others on SI - I really do feel a homerun here. Last Saturday I was listening to "Money Talks" it's a program on talk radio and they featured an investor that plays in the futures market. Yes, his name was Larry Williams, an interesting interview to say the least. Took $10,000 and turned into a million in a period of one year. He also does seminars, where he demos his skills in real time trading and shares the profits with the audience. Incredible actually... The two indicators he felt were most important were the Investors Intel. Bull/bear ratio and the COT positions. (Great White North formating) GEO -- should be killed with this one this morning, write downs suck... shoulda waited for this PR in the first place. ELD -- haven't bought any new shares, haven't sold any old shares. BGO -- ditto BAY -- ditto BGI -- ditto TNK -- ditto NGT -- sold my position AAS last week to buy more NGT and will continue to do so. MFL -- becoming my favorite stock in the whole wide world - it creeps up a percentage point or two on a daily basis - I love it when a stock does that. Regards Frank P.