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.

Technology Stocks : Advanced Micro Devices - Moderated (AMD) -- Ignore unavailable to you. Want to Upgrade?

To: Joe NYC who wrote (85695)	7/24/2002 1:27:57 PM
From: Bill Jackson	Respond to of 275872

Josef, Yes, I agree. There will be some who are madly trying to sanitize their procedures and I am sure they will try toput the best possible spin on what cats they debag. I wonder how many will correct going forward and keep motu shut on the past in the hopes that the cats in the past will stay bagged? After all if they tell all and it was not needed, they will be hurt as badly as if they said nothing and it never came out. Bill

To: Joe NYC who wrote (85695)	7/24/2002 1:35:50 PM
From: tejek	Respond to of 275872

I don't disagree but to suggest that the issue of fraud has not seriously exacerbated an already precarious situation is understating its impact IMO. True, and the market would have been able to digest it better during the bull market. What worries me more than 0.1% of companies committing outright fraud but the 20 to 40% of companies (WAG) that have some irregularities, overly optimistic assumptions, cutting corners etc. in their earnings statements. I would not be surprised if some came out and said they will have to "restate" prior reports. Joe, that's right. There will be more pain. Its unfortunate and I wish it weren't true. Already, TYC is saying its not likely they will be able to sign off on their audit by 14 August. Think about that for a moment........they've known about this rule for some time now and they have another three weeks to complete their review and sign off.......and they don't think they can make the deadline! Huh?!! It tells you how fukked up things are......an audit is intended to give you a quick overview of a company's financial performance. Obviously, there is nothing quick about TYC's audit. And how much do you want to bet there are more audits out there like TYC's? And what does it say about corporate America's transparency? ted