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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: t4texas who wrote (53680)	11/18/2005 11:57:01 AM
From: jim black	Read Replies (4) \| Respond to of 206223

RE: PTEN I am sick of this crap and pose a response much to the horror I am sure of the politically correct in this nation and to some on this board. For disclosure I should add I used to own this company but sold on news of lots of insider selling some months ago so I have no vested interest now EXCEPT discouraging stuff like this elsewhere, post Enron. I propose the bastard be executed, or short of that life in prison without parole...what is $69 million worth? A lot to investors with their retirement funds like me. Flame on guys I am firm on this and feel not a whisper of guilt at the penalty, nuts you think I may, be but I am sick of this insider crap at the expense of investors and I would gladly be in the firing squad, hell I WOULD BE the firing squad. I don't miss. Jim Black

To: t4texas who wrote (53680)	11/18/2005 12:18:54 PM
From: BWAC	Respond to of 206223

<it seems pten's internal controls were just very lax. the audiors could have flagged this a long time ago. maybe they did, but i have not checked even who the pten auditors were.> Adequate internal controls could have been in place and the fraud still perpetrated thru collusion of two or more persons in strategic positions. Internal controls help deter one person from acting alone. Controls cannot deter (Purely for example) the Account Payable Employee getting sent properly approved invoices by the Construction Manager and paying the invoice to the fake company fronted by the CFO. CM and CFO colluding on the fraud, Payables doing its job. (Again this is purely an example, no inside knowledge nor even a suggestion about PTEN). Could get even deeper into collusion (3 employees) if a fake purchase order was procured for the A/P employee to match the billing invoice to.