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Strategies & Market Trends : Take the Money and Run -- Ignore unavailable to you. Want to Upgrade?

To: Jorj X Mckie who wrote (10589)	7/24/2002 6:16:03 PM
From: Augustus Gloop	Read Replies (1) \| Respond to of 17639

Jorj....the drop was going to happen either way. The key here is to avoid capitulating to levels that could take a bear market and turn it into a depression. We haven't changed anything with todays move other than to be better positioned from an index standpoint to avoid a death scenario. We will still drop....but nobody short or long wants us to spiral out of control. August and September already bring rough sledding to the market .....we don't need to be sitting at 7401 when August starts......that would be a huge concern to me.

To: Jorj X Mckie who wrote (10589)	7/24/2002 6:44:11 PM
From: MulhollandDrive	Read Replies (1) \| Respond to of 17639

washingtonpost.com House, Senate Agree on Corporate Reform By Jim VandeHei Washington Post Staff Writer Wednesday, July 24, 2002; 4:04 PM House and Senate leaders, moving quickly to restore confidence in the scandal-tainted business sector, agreed today to beef up government oversight of corporations and their auditors, and to impose tougher penalties on those who break corporate laws. As jittery investors continue to look with horror at the damage wrought by scandals at Enron Corp., WorldCom Inc. and other prestigious companies, Congress is on the cusp of passing the toughest new restrictions on U.S. business practices since the Great Depression. The proposed corporate accountability measures – which a House-Senate conference committee appears poised to approve tonight – are designed to make it harder for chief executives, auditors and consultants to deceive investors, who collectively have lost trillions of dollars in the stock market since the Enron scandal broke in October. The deal reached by House and Senate negotiators from both parties would create a new independent board to oversee corporations and the auditors who review their financial books; prevents accountants, such as Arthur Andersen, from getting consulting fees from companies they're auditing; and make it easier for shareholders to sue companies for misleading them. It also would dramatically increase the maximum fines and jail sentences for those who run afoul of new and existing corporate laws. If the conference committee adopts the provisions, as expected, the package would face a vote in the full House this week, and in the Senate by next week. President Bush has said he would sign the legislation into law. Lawmakers hope today's sharp rise in stock prices is a sign that these new corporate accountability measure will provide investors a sense of comfort and show that government is serious about cracking down on corporate fraud. Still, it's unclear if the new laws will be enough to soothe the nerves of anxious investors in the weeks ahead, amid warnings that the run of corporate scandal may be far from over. "One bill is not going to restore confidence in the stock market," said House Majority Whip Tom DeLay (R-Texas). As nearly 1,000 CEOS are required to personally certify their companies' most recent financial statements by mid-August, many financial analysts expect more companies to step forward and admit they inflated or misrepresented their earnings. At the same time, the Bush administration and several congressional committees will intensify their own investigations of corporate wrongdoing, which could expose other frauds and send the stock market spiraling again. © 2002 The Washington Post Company