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To: John F. Dowd who wrote (165569)	5/30/2002 5:34:42 PM
From: BelowTheCrowd	Read Replies (2) \| Respond to of 186894

The SEC complaint apparently had nothing to do with deferred revenue. The Wall Street Journal says it was focused on other reserves set aside by Microsoft and alleges that they set aside greater reserves than legally permitted. This is what Xerox did during their "good years," giving them the flexibility to inflate earnings when things turned bad. The report I heard later noted that neither the SEC nor Microsoft would comment. I didn't see the report that you did, but I believe it was based on the WSJ story this morning. See my previous message. mg