Silicon Investor (SI) -- The First Internet Community

STOCKTALK

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 : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: TobagoJack who wrote (20250)	6/26/2002 4:20:07 AM
From: EL KABONG!!!	Respond to of 74559

Hi Jay, <LOL...> Your friend in the insurance business wouldn't get away scot free using that logic in the USA. Over here, someone has to be the fall guy, the responsible party, the blame taker... Fraud or incompetence, doesn't really matter much. Someone made the decision to buy the paper, so someone takes the blame. But I loved your story anyway. On a related note, I'll make a giant leap of faith and presume that none of the money you manage for your mother is handled by your friend's company... <g> Some other thoughts on WorldCom... They're now short some $3B (US), and likely much more, on the books. Technically, they're possibly bankrupt without the formalities of having gone through the legal process. Now when the vultures descend on the carrion, guess who'll be at the front of the line to get paid first with anything of value? Not the unsecured debt holders... Not the stockholders... Not even the secured debt holders... Nope... Uncle Sam, or more specifically, the IRS automatically goes to the front of the line until all payroll taxes withheld, and other taxes owed get paid. And if there isn't enough money to pay the IRS, guess what? Can you spell F-E-L-O-N-Y... Imagine Bernie Ebbers predicament... He's lost most of his money on the WorldCom stock fiasco and can't pay back the WorldCom "loans"... If he knew the books were cooked, he then also had to know it was only a matter of time before the truth was revealed... And he's on the outside looking in and can't do a darn thing about it... Run for the hills, Bernie... Even if you're completely innocent, you'll be tarred and feathered with the same brush they use on the CFO... I'm reminded of a little poetry... "When first we practice to deceive..." and everyone knows the rest of that one... KJC