SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?


To: Sully- who wrote (51023)5/6/2002 10:58:38 PM
From: stockman_scott  Respond to of 65232
 
13:00 ET DSCM Drugstore.com soars as VCs buy stock (2.60 +0.50, +24%)
Discloses that a group of investors, led by drugstore.com board member Melinda Gates, Maveron Equity Partners and Kleiner Perkins Caufield & Byers, have purchased approx. 6.8 mln shares of drugstore.com common stock from Rite Aid Corp.



To: Sully- who wrote (51023)5/7/2002 6:18:54 AM
From: stockman_scott  Respond to of 65232
 
Buffett blasts corporate America's crooks and their Wall Street allies

By Chris Hughes, Financial Editor
The Independent
06 May 2002
news.independent.co.uk

Warren Buffett, the legendary US investor, has launched a blistering attack on sloppy accounting, corporate greed and Wall Street investment banks, while warning that coming years will see poorer investment returns.

The chairman of Berkshire Hathaway, aged 71, supported by his deputy and long-standing business partner Charlie Munger, told the US investment group's annual meeting in Omaha that fraud was rife in US businesses.

The actions of Enron were "grotesque" Mr Buffett said, with Mr Munger, describing the collapsed US energy trader as "the most disgusting example of a business culture gone wrong".

Wall Street and the accountancy profession should share in the blame, the pair went on. Investment banks had no concern for investors, and the only question they asked when dealing with stocks and shares was "can it be sold?". Auditors had been too pliant to their clients' demands, and had succumbed to "dubious accounting".

"Many of the crooks look like crooks," said Mr Buffett. "Wall Street loves them as long as they are pushing out securities." Mr Buffett, known affectionately as the Sage of Omaha, said a good way to spot possible frauds was to keep a close eye on those companies that reported results using Ebitda (earnings before interest, tax, depreciation and amortisation).

Mr Munger, 78, also sounded a warning over companies involved in derivatives, saying. "To say derivative accounting in America is in the sewer is an insult to sewage," he fumed.

Mr Buffett also backed a call made last week by Alan Greenspan, the chairman of the US Federal Reserve Board, to clamp down on the "shameful" way that companies inflated their profits by excluding employee share options from the main body of their accounts.

He did not expect regulators to heed Mr Greenspan's call, however, because chief executives were lobbying hard in Washington and "get what they want every year".

Despite his displeasure with corporate America, Mr Buffett said he could not recall ever having had more fun than he was at the present time.

The pair took questions for six hours after completing the formal business in 15 minutes. One investor among the 14,000 gathered called Mr Buffett "a hero", a sentiment echoed in the auditorium's applause.

Some shareholders were less adoring. Two questioned whether Berkshire's continuing investment in Coca-Cola – one of its largest holdings alongside American Express and Gillette – was sensible, given stiffening competition from Pepsi. Mr Buffett countered that he would be surprised if Coca-Cola surrendered market share in the next five or 10 years.

Mr Buffett admitted the performance of Berkshire's core insurance operations during 2001 had suffered due to the mispricing of policies for terrorist attacks, but he expected the group to benefit from strengthening premiums hereon. He warned that it was hard to find suitable investment opportunities. In the present low interest-rate environment, investors should not expect returns to exceed 6 or 7 per cent.

Areas of interest were companies bankrupted by asbestos claims, but only if it was possible to insulate Berkshire Hathaway from all liabilities.



To: Sully- who wrote (51023)5/7/2002 8:45:11 AM
From: stockman_scott  Read Replies (1) | Respond to of 65232
 
Deal Reported on Bethlehem Standoff

Tue May 7, 7:56 AM ET
By GREG MYRE, Associated Press Writer

BETHLEHEM, West Bank (AP) - The mayor of Bethlehem said Tuesday that a deal has been reached to end the 36-day standoff at the Church of the Nativity, with 13 of the suspected militants holed up in the shrine to be deported to Italy by the end of the day. Israel said agreement was very close.

One of the top wanted men in the church, built over Jesus' traditional birthplace, said he and the 12 others have agreed to go into exile. Another 26 gunmen would be transferred from the besieged compound to the Gaza Strip (news - web sites), said the wanted man, Abdullah Daoud, the head of Palestinian intelligence in Bethlehem.

"If nothing goes wrong, I expect to be deported to Italy with my colleagues this afternoon," Daoud told The Associated Press in a telephone interview.

However, Italy said it wouldn't accept any unilateral decisions regarding the deportees — an indication that the government has felt left out of the loop in negotiations to end the standoff. Italian officials said Italy has not been asked to receive the 13 Palestinians, but that it would evaluate a request if it was made.

A resolution of the conflict was expected to lead to a speedy Israeli troop withdrawal from Bethlehem, effectively ending Israel's military offensive in the West Bank, launched March 29 against Palestinian militants after a wave of deadly suicide bombings in Israel.

In Washington, Israeli Prime Minister Ariel Sharon (news - web sites) was to meet later Tuesday with President Bush (news - web sites), who has been pushing for an end to Israeli incursions into Palestinian-run areas.

In Bethlehem, Mayor Hanna Nasser, a Palestinian, said a few logistical problems needed to be worked out to end the standoff. "We are glad that the tragedy has ended," he said, adding that he believed the deal could be implemented by the end of the day.

An Israeli army spokesman, Lt. Col. Olivier Rafowicz, said the sides were finalizing the last details and were "very, very close" to a deal, but not there yet.

More than 200 people fled into the Church of the Nativity, Bethlehem's main landmark, ahead of invading Israeli forces on April 2.

They included several dozen gunmen, including some the Israelis say were involved in attacks against Israelis. Also inside are civilians, clerics and police, as well as 10 demonstrators who slipped past the Israelis into the church last week to show solidarity with the Palestinians.

Early Tuesday, the 39 gunmen in the church signed documents saying they agreed to their intended destination — Gaza and Italy, respectively, said a source in the church, adding that those in exile would have to remain abroad until there is a Palestinian state.

Those slated for deportation came under some last-minute pressure not to accept. The leader of the Islamic militant group Hamas, Sheik Ahmed Yassin, called one of his followers in the compound, Aziz Abayat, and told him that in going into exile, he would not have the group's backing. "Sheik Yassin told us that ... anyone who accepts exile does not represent the movement's position," Abayat said.

A senior leader of Yasser Arafat (news - web sites)'s Fatah (news - web sites) movement in the West Bank, Hussein al-Sheik, criticized the Palestinian Authority (news - web sites) for accepting exile as an option, saying it set a dangerous precedent. Deportations are considered by many Palestinians as the bitterest of punishments. Israel ended the practice a decade ago.

As word spread in Bethlehem that the standoff might end soon, some of relatives of those slated for deportation flocked to Manger Square, hoping to be able to say goodbye to those inside the church.

Zahia Khamis, 72, came to bid farewell to her nephew, Anan, an activist in the Al Aqsa Martyrs' Brigade, a militia linked to Arafat's Fatah movement. Speaking to her nephew by mobile phone, she said: "I am crying because you are leaving your town. I know it is not your choice, but take care."

Khamis said her nephew told her he had no option but to accept exile.

The outline of the Bethlehem deal was put together in intensive negotiations over the past few days. The CIA (news - web sites), Vatican (news - web sites) and European Union (news - web sites) were all involved in efforts to end the confrontation.

Israel dropped its demand for the surrender or exile of all the gunmen in the church, and the Palestinians agreed to exile some of them. Over the past day, the haggling has been over the number to be exiled.

Before dawn Tuesday, two Palestinian liaison officers with the Israeli military, Ribhi Arafat and Farouk Amin, entered the Church of the Nativity to obtain the agreement of the 13 to being sent into exile.

According to a Palestinian list of names obtained by The Associated Press, nine Al Aqsa militia men, three Hamas members and Daoud are slated for deportation.

Several of those on the list are accused by Israel of involvement in bombing and shooting attacks on Israelis. One of the Al Aqsa gunmen, Ibrahim Moussa Abayat, killed two Israelis and an American, Avi Boaz, according to Israel.

Daoud denied Israel's allegations that he organized attacks on Israelis, produced explosives, smuggling weapons, and provided shelter to members of terror groups. The intelligence chief, who holds a B.A. in political science from a West Bank university, said he hoped to continue his education in Italy.

Outside the church, in Manger Square, Israeli armored vehicles patrolled the area. Israeli troops brought down a crane, which had dangled cameras to give the Israelis a view of the compound, made up of the 4th-century basilica itself and churches, hostels and monasteries around it.

In Bethlehem's open-air vegetable market near Manger Square, Israeli troops found nine hidden pipe bombs Tuesday, and blew them up in controlled explosions.

In Washington, a key issue in the Bush-Sharon talks is expected to be Arafat's role in future peace talks. Israel wants Arafat sidelined, but the United States has been pressing Sharon to deal with Arafat has the leader of the Palestinians.

Addressing U.S. Jewish leaders late Monday, Sharon said that "structural reforms in the Palestinian Authority" were needed before peace could be achieved, but did not mention Arafat by name.

Early Tuesday, Israeli forces entered the West Bank town of Tulkarem. The military said their mission was to stop the sending of suicide bombers and "attack the terrorist infrastructure." A military statement said the operation would last "a short time."

Also Tuesday, on the Gaza-Egypt border, a 17-year-old Palestinian was killed and two were wounded when Israeli forces opened fire while destroying a building, residents said. The Israeli military said armed Palestinians attacked soldiers, who returned fire, hitting two. The area is the scene of almost daily clashes.