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To: Terry Maloney who wrote (208306)	12/7/2002 12:52:53 PM
From: Mike M2	Read Replies (1) \| Respond to of 436258

Terry, on the other hand its easier to fake reported pro forma earnings or adjusted et. al. than to fake a dividend. Mike

To: Terry Maloney who wrote (208306)	12/7/2002 1:01:59 PM
From: Joan Osland Graffius	Read Replies (1) \| Respond to of 436258

Terry, Are you trying to spoil the party? The equity mutual fund managers are busy telling people to get on board because the market will go up between 10 and 15 percent because of the future tax relief on dividends. You are supposed to sell your bonds and reits and buy stocks. Your conjecture that this legislation could expose the next level of accounting fraud is probably why it will not be passed. The boys and girls in Washington have the same information that we do.

To: Terry Maloney who wrote (208306)	12/7/2002 3:47:38 PM
From: benwood	Read Replies (2) \| Respond to of 436258

Maybe companies could implement negative dividends, to help support the company through tough times and hold up the stock price for executive stock options, bonuses, and golden parachutes; not unlike the regional taxation to subsidize stadiums to help baseball players achieve the 19% salary growth average for the past 25 years (compounded annually).

To: Terry Maloney who wrote (208306)	12/7/2002 7:48:27 PM
From: Knighty Tin	Read Replies (1) \| Respond to of 436258

Terry, I, for one, have always believed that dividends were the ONLY true measure of profitability longer term, not that they can't be faked for years, ala ALD and ACAS. I have some affinity for a dividend discount model. A cash flow discount model depends too much on fake accounting. When cash flow and earnings are greatly different, one of them is calculated wrongly. And if you have cash flow and earnings, really, then dividends are no problem. Like you, I want to see the emperor naked on this one.