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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: portage who wrote (20863)	7/7/2002 7:58:50 PM
From: Maurice Winn	Read Replies (1) \| Respond to of 74559

Portage, I'm not trying to justify criminal acts by people running the companies, I'm pointing out that they the big problem was the irrational exuberance, which created a vast amount of froth, excitement and wealth effect which reduced scrutiny of companies to minimal levels. When the tide goes out, all the hidden things are revealed With so much money sloshing around, insiders figured they could funnel a little bit their way without being noticed in all the excitement. But that wasn't the cause of the collapses. They just became very conspicuous after the collapses. For Globalstar, which I know about, there is no evidence of any corporate malfeasance though Bernie Schwartz could be accused of hiding lack of sales and making statements about being 'on plan' which were seemingly designed to maintain enthusiasm when reality did not match. But that was along the lines of a team leader trying to keep the troops' morale up rather than a criminal concealment. I dislike the style and deception [which included self-deception I believe]. I would like to see crooks go to gaol [jail] and one of the reasons I invest in the USA is that crooks do go to gaol. But investors should understand that the main failing was their own in judging the companies and managers. Mq