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To: Joan Osland Graffius who wrote (211330)	12/24/2002 5:53:08 PM
From: Knighty Tin	Read Replies (2) \| Respond to of 436258

Joan, Sympathy is beyond me. <g> I just hate it when folks say that accounting has changed since Merrill got caught admitting what they thought of their IPO clients. Yet I hear it all the time on Bubblevision. "Now that the accounting problems have been fixed, what do you think of....?" The only thing that has changed is that the brokers got their pockets picked by the state of New York. Where are the customers' dinghys? <g> I do disagree that the accounting is all there. Enron's was definitely not there to be seen, nor was Tyco's. Remember when the talking heads spouted for so long that David Tice "did not have one real piece of evidence for what he's saying about Tyco." I know one guy who still says there was nothing wrong there. Pensions will get well when the market gets well. Which will be long after I retire. And, as worried as I am about the corporations, I worry more about the states and municipalities. Both have bought into the Frank Russell money management system (the only things that exist are cash, bonds and stocks and the only direction is up.) Now they get to pay their consulting fees again, many times over, in the disaster that style has caused.