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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Knighty Tin who wrote (25852)	2/9/1998 12:37:00 PM
From: yard_man	Read Replies (1) \| Respond to of 132070

I concur with you on what you say about the "big" auditing firms. I've seen how they operate in the utility arena. Details r us -- they are not! ;-)

To: Knighty Tin who wrote (25852)	2/10/1998 12:18:00 AM
From: Paul Senior	Read Replies (2) \| Respond to of 132070

Hi Mike: Perhaps the book you are thinking of here about Penn Central is "More Debits than Credits" by A. Briloff. As you know, Abe was "famous" for debunking some of these companies' accounting practices in Barron's. Fun to see the stock crater on Mondays (unless I owned it -g-). Wonder where he is now? Paul Senior

To: Knighty Tin who wrote (25852)	2/10/1998 6:15:00 AM
From: Skeeter Bug	Read Replies (1) \| Respond to of 132070

mike, check out digl. i'll give you a hint. click on quotes. click on chart. see the cliff at the end of the swan dive? look for news that occurred just prior to the cliff. ok,ok. i'll save you the trouble. digl management shipped a bunch of product to their distributors and counted it as revenue and earnings when it wasn't moving of the disties shelves. nice piece of work. the only flag was that accounts receivables were growing at the same rate as revs ;-) of course, the bulls said, this is b/c they must offer "terms" to everyone. they pimped their stock to $22+ from $4 in a few months. hey, and they didn't even have to sell that much. some of the bigwigs sold in the high teens and maybe even in the $20s. the game is over now that digl is back in the $4s. they revisited their earnings for the last 3 qs and decided that they have some nice losses to share with their supporters ;-) it wouldn't be so bad for the bulls, but the company kept touting how great business was and how it was beating their own expectations. ;-) companies never do this stuff. bill clinton is a virgin and politicians never lie ;-) some people are soooooooo naive ;-)