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Non-Tech : Cendant Corporation (NYSE:CD) -- Ignore unavailable to you. Want to Upgrade?

To: Richard L. Williams who wrote (1441)	8/5/1998 8:57:00 AM
From: VALUESPEC	Read Replies (2) \| Respond to of 3627

<<Your devotion to this crooked company is ironic, Mike, considering how you constantly harp on management of other companies that you seem to have some interest in.>> Richard, I understand why you feel that way, but I don't think you are differentiating between the management teams at CD like I am. HFS merged with CUC in late 1997. It was CUC that had all the accounting fraud and other problems. HFS and its management are still above average, IMO. Henry Forbes and the directors associated with him had to go. I'm impressed that this has already been done (actually, a couple directors still remain, but almost all are gone). I think you can discern the quality of a management team by its past news releases and actions. The only question I have is: How did HFS get involved with such a messed up company? I'd ascribe it to bad luck, of which HFS has had little of before this. The former stockholders and option holders of HFS, of which the remaining CD management had a lot of, lost a whole lot of money via the CUC fraud fiasco. I see no incentive for them to have knowingly bought CUC with it being riddled with fraud, so I am still reasonably confident in their character. The top rated investment banks and accounting firms involved in the HFS and CUC merger did not catch the fraud before the merger. Sometimes bad things happen to good people. And that is my judgement on Henry Silverman and his former HFS managers. I think they are good people. Who knows? Maybe I'm wrong. Only time will tell. CD: $ 15.31a VALUESPEC