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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: dvdw© who wrote (40454)	9/27/2008 9:46:33 AM
From: elmatador	Respond to of 220025

don't read too much on a Lehman former employee screw up. Overview Mr. Ferreira is the Finance Director. He was previously Finance Manager at Sadia. He has also worked for Atento Telecomunicaciones - Telefonica in Spain, CCR - Odebrecht and Lehman Brothers in New York. He holds an undergraduate degree in Economics from Faculdade Catolica de Ciencias Economicas da Bahia and a graduate degree in Finance from Fundacao Getulio Vargas. I think the Brazilians wanted to be a carbon copy of the Wall Street guys and got screwed big time.

To: dvdw© who wrote (40454)	9/28/2008 7:24:16 AM
From: elmatador	1 Recommendation Read Replies (2) \| Respond to of 220025

The plumbing of the financial markets and economy "is all esoteric Wall Street stuff," Federal Reserve Chairman Ben Bernanke, a former college economics professor, explained to lawmakers last week. "It doesn't have any meaning to people on Main Street, but it connects very directly to their lives. If the credit system isn't working, then firms cannot finance themselves. People cannot borrow to buy a car, to send a student to college, to buy a house." For 2 centuries, the accountants worked in backrooms disregarded by all. What mattered,then, and what was glamourous, was the industrialist.the entreprereneurs, the technical people and the engineers. People who produced goods and a few services. Note that you don't read about accountants of the ‘Robber Barons’. You read, about Ford and Taylorism, but you don't see the photograph of an accountant in a Ford T, or when a railroad was being opened. They were keeping books, forgotten inside the backrooms. Once we moved over to the post-industrial era, the accountants got the revenge for 2 centuries of neglect. They were named CFO's and their decision are always taken if they approve. And they acted ruthlessly for those 2 centuries of total neglect in bad heated poor lit backrooms: Industrialists, engineers and entrepreneurs, were sent to far flung countries where they were put to toil under the heel of the today's accountants in places like: China, Brazil, Eastern Europe, Mexico and South East Asia. Why the accountants climbed the saddle and have been riding mankind for the past 3 decades? The answer is simple: Starting in the 70's the world economy of the developed countries started living off artifices. see posting: Message 25000287 You need skilfully accountants to use artifices to propel an economy. By the end of the 90's, the accountants had done significant damage to the world economy and for the first time the light was thrown on them: Enron, Arthur Andersen for an example of how this developed. But the artifices didn't stop there. While the Industrialists, engineers and entrepreneurs, where creatures of the Protestant ethics Weber wrote about, Accountants are not that caliber of people. "No amount of Sarbanes-OXLEY can fight the overal ethical decline. The lack of ethics have percolate down to the fabric of the society and can't be extirpated." Message 24920377 Now the damage is done real good. and we can re-wrote Bernanke's statement as: Accountancy doesn't have any meaning to people on Main Street, but it connects very directly to their lives. If the system lead by accountants isn't working, then firms cannot finance themselves. People cannot borrow to buy a car, to send a student to college, to buy a house."