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Non-Tech : The Enron Scandal - Unmoderated -- Ignore unavailable to you. Want to Upgrade?

To: Glenn Petersen who wrote (2670)	5/27/2003 1:28:37 PM
From: James Calladine	Read Replies (2) \| Respond to of 3602

While the proposed activity of the SEC relative to fraud is meritorious, since the most troubling frauds have been those committed by SENIOR MANAGEMENT (who will now be asked to regulate THEMSELVES) it is an an activity roughly analagous to asking the fox (already in charge of the hen house) to make statements saying that he/she has ensured that the hens are fully under control and not doing any funny stuff. Everybody knows what has to be done: -- auditors INDEPENDENT of clients -- options expensed -- true accounting information (not just rigged numbers so that management can get rich on options based on phony numbers) But it appears that nobody really wants to do it (with the exception of a VERY few companies related to Buffett. Namaste! Jim