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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Raymond Duray who wrote (51742)	5/19/2002 9:11:32 PM
From: stockman_scott	Respond to of 65232

<<Everybody loves a little larceny, eh Scott?>> Yup...we borrow AND trade ideas on this thread...=) Welcome to the porch. btw, I just picked this book up at the Borders around the corner... amazon.com Here's one of the better Amazon reviews... <<... "Reminiscences..." Lives up to it's esteemed reputation, April 5, 2002 Reviewer: rmconnett (see more about me) from San Francisco, CA United States This book was a sheer joy from cover to cover! How wonderful that such sage advice, important trading facts, and esoteric information which is invaluable to trading psychology is covered in a thoroughly entertaining and engrossing novel! I would recommend this book to anyone who wants to gain insight on the amazing world of trading in any market, be it stocks or commodities. As relevant and truthful today as it was upon it's first publishing. This is a book to be read, and re-read...>>

To: Raymond Duray who wrote (51742)	5/20/2002 6:40:00 PM
From: stockman_scott	Respond to of 65232

Andersen Notes Show Firm Feared SEC Probe Mon May 20, 4:08 PM ET By C. Bryson Hull HOUSTON (Reuters) - A senior attorney at accounting firm Andersen warned her colleagues last October that Enron's practice of using off-balance-sheet financial partnerships could trigger an investigation into Andersen from the U.S. Securities and Exchange Commission (news - web sites). In testimony on Monday, federal prosecutors entered internal documents and notes into the record written by Andersen lawyer Nancy Temple and others outlining discussions the firm held as the Enron scandal unfolded last October and early November. When called to testify herself, Temple refused to answer, using her Fifth Amendment constitutional right against self-incrimination. The U.S. Justice Department (news - web sites) contends Andersen destroyed records of its Enron Corp. audits to keep them from federal securities regulators, which they allege constitutes obstruction of justice. Andersen [ANDR.UL] admits to having destroyed extraneous records, but says it had no intent to keep them away from SEC investigators. The series of notes that assistant U.S. Attorney Sam Buell put into evidence through the testimony of FBI (news - web sites) special agent Barbara Sullivan sought to clarify the matter. In Oct. 9 notes from a conference call among senior Andersen partners, Temple wrote it was "highly probable some SEC investigation," of several Enron off-balance-sheet partnerships known as Raptors. The Raptor deals ultimately led to a $618 million restatement of Enron's earnings. At the time Temple wrote her notes, Andersen was already debating how to account for them. She also wrote that Andersen was running the risk of violating the probation it agreed after its audit of trash hauler Waste Management Inc. . Though Andersen admitted no wrongdoing from that accounting scandal, it paid a $7 million fine to the SEC last July and agreed to stay out of any securities fraud -- at the risk of losing its license to practice. GONE AND IRRETRIEVABLE Buell introduced a video of an Oct. 10 videotaped conference among Andersen offices, at which a senior partner in the Houston office, Michael Odom, discussed the firm's record-keeping policy. "If it's destroyed through the course of normal policy and litigation is filed the next day, that's great," Odom said. "Whatever there was that might have been of interest to somebody is gone and is irretrievable." Odom referred to recent litigation and how extraneous memos increased the cost of document retrieval for lawsuits and could require extra explanation. "It's embarrassing and it's extra work for us to have those hang around," Odom said. Odom's comments came two days before Temple sent him an e-mail saying "it would be helpful" if the Houston audit teams came into compliance with the document policy. Prosecutors have interpreted that message as instruction from the firm's headquarters to begin destroying Enron records. The Enron engagement team began culling its files and shredding extraneous memos 11 days later, when Duncan ordered them to do so. He was fired for that order on Jan. 15. Andersen has said Duncan committed no crime, but early on conceded that his order looked inappropriate. Duncan, who pleaded guilty to obstruction of justice April 9 and agreed to co-operate with the government, said he interpreted the policy as requiring the destruction of extraneous memos and the retention of important ones as well. Earlier on Monday, prosecutors notified the court that senior Andersen partner Thomas Bauer also asserted his right not to testify. story.news.yahoo.com