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.

Non-Tech : The ENRON Scandal -- Ignore unavailable to you. Want to Upgrade?

To: Baldur Fjvlnisson who wrote (4198)	7/3/2002 1:00:23 PM
From: Mephisto	Respond to of 5185

"And of course higher interest rates is about the last thing this debt ridden mess, households and all needs. Imagine the effect on the housing market. Scary. About the weirdest part of this whole shell game of a system is how it "insures" its own debt Everest through derivatives. Turning sub-prime consumer debt into prime paper and dumping it on the next pension fund used to be easy, don't know how it is now." >>>>>>>>>>>>>>>>>>>>>>>>>>>> I've talked to one neighbor about the economic problems and, although he invests in the stock markets, he doesn't sound particularly worried even though he knows people are losing jobs here. He claims consumers pack the sports' stadiums every night and continue to buy houses. How long can the consumer maintain this life style when so many people are losing jobs and commercial vacancy rates hover over 20% in some areas? Already, we have to pay more for everything because of the recession. Food prices are expected also to increase because of the drought.

To: Baldur Fjvlnisson who wrote (4198)	7/3/2002 1:01:13 PM
From: Mephisto	Respond to of 5185

More than just trust Toronto Star thestar.com On every U.S. dollar are the words "In God we trust." But God doesn't run the U.S. economy. Washington and America's corporate elite do. And with a new revelation almost every day of crooked accounting practices, trust in the leadership of U.S. business has reached an all-time low. When these revelations first came to light with the Enron scandal, U.S. President George W. BUSH found himself on the hot seat, too. Enron and its CEO Kenneth Lay had been major contributors to his political campaigns. Seeking to distance himself from the Enron affair, Bush called for a new ethical standard for business leaders. With each scandal, he has championed that cause with more enthusiasm. "In order to keep the job base increasing in America, there must be trust," he said after the WorldCom collapse. "Some have violated the trust. They haven't assumed their responsibility. I expect there to be responsibility at all levels in our society. And I intend to fully enforce the law when people cheat on the balance sheets of corporate America." But is the issue of trust simply a matter of accurate financial reporting as Bush maintains? His only standard of proper corporate behaviour is the responsibility "to be above board at all times, to be frank and honest with all numbers." While honest reporting is certainly important, Americans think good corporate citizenship has to go deeper. A Washington Post-ABC News poll found that they believe the recent accounting scandals reflect more fundamental problems with the way American corporations do business. To earn the trust of the American people, U.S. corporations will have to do more than provide their shareholders with reliable numbers. They will also have to start showing more respect for their employees, their customers and the environment.