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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Bob Rudd who wrote (15194)	8/14/2002 8:00:36 PM
From: Mark Marcellus	Read Replies (1) \| Respond to of 78748

According to CNBC, the SEC won't even be done scanning the certifications until Saturday, it will be some time after that before all of them make it to the Web site. The SEC recommends going to individual company sites to get the up to date status.

To: Bob Rudd who wrote (15194)	8/14/2002 9:53:11 PM
From: Don Earl	Respond to of 78748

<<<The SEC web site is evidently not updating intraday>>> And this is the agency touting faster disclosure to investors. The SEC is a joke and doesn't amount to much more than a bureaucratic, slow motion, graft machine. Don't expect to see much hoopla over the signing of the certifications. The certifications and the recent legislation amount to nothing more than a white wash job to sweep Enron and WorldCon under the rug. Does anyone really expect meaningful changes from an administration created by ballot tampering, funded by Enron, and where the VP is being sued for accounting fraud from his stint as a CEO? You'd have as much luck having all drug dealers in the US sign a certification stating they will quit selling drugs. There's too much money involved to expect adding a puff of hot air to the bubble will change anything. The only potentially meaningful change available is to scrap GAAP altogether and move strictly to tax accounting standards. So far our fearless leaders have carefully avoided the prospect in favor of an attempt to put the toothpaste back in the tube. Even Warren Buffet is against the idea as he knows a full blown bear market is the only time his investment strategies are certain to produce losses. In the mean time, the failure to bite the bullet when damage could have been minimized will only result in a more severe crash later on. Like the man said, "You can't fool all the people, all the time.". The one thing all criminals have in common is their certain belief they will never get caught. That belief eventually results in a mind set that even a small effort to avoid getting caught isn't worth bothering with as they'll never get caught anyhow, no matter how brazen their actions become. The end result is they always get caught. From: mktnews.nasdaq.com\\News2\news_www\Nasdaq\news\35\2002\08\12\200208121752DOWJONESDJONLINE000652.html&usymbol=9999 <<<As a further check on big U.S. companies, the SEC is screening the Fortune 500 companies. Beller said the process, which is nearly done, resulted in reviews of hundreds of firms, including those that hadn't been scrutinized by the SEC for three or more years. More than 100 of the Fortune 500 firms have received comments on their financial disclosure from the SEC already, and Beller the balance should be issued by early fall.>>> While it's nice the SEC looks at the filings every three years or so, I wouldn't put too much faith in certifications. "It's okay, you can trust me.", is a statement that has never failed to warn me I'm dealing with a liar. It's something honest people never say. They don't have to.