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Non-Tech : Auric Goldfinger's Short List -- Ignore unavailable to you. Want to Upgrade?

To: Kevin Podsiadlik who wrote (418)	10/21/1998 11:19:00 AM
From: Sir Auric Goldfinger	Read Replies (1) \| Respond to of 19428

Motion granted. The Birdman is banished to the Federal Penitentiary on Alcatraz Island. Vogel, this IS a bashers thread. Time to leave.

To: Kevin Podsiadlik who wrote (418)	10/23/1998 10:18:00 PM
From: Khris Vogel	Respond to of 19428

Kevin, your information is sorely lacking - On the accounting thing: Again, call me cynical, but I haven't read yet where Arthur Andersen has come out and given a stamp of approval on Labor Ready's books yet. They were only hired a couple of months ago, and as far as I can tell the award they gave LBOR has nothing to do with their accounting worthiness. Huh? Who do you think performed the '97 audit? Who do you think has been reviewing the earnings data before the press releases all this year? Who do you think has been reviewing all the SEC filings before submission this year? And appearing on the conference call held on Black Wednesday, who do you think that was? Tell you one thing, it wasn't H&R Block. To drive home the Andersen issue more - the co. would have not appeared on the conference call or even contemplated giving LBOR that Best Practices award (for any achievement) if they did not feel good about LBOR as a client, nor would they have accepted them as a client in the first place. (When co.'s switch auditors, there is communication between the former auditors and the prospective ones, communicating any significant engagement issues or possible accounting irregularities. CPA firms, especially BIG, high profile CPA run, not walk from prospective marginal audit clients if they feel that all has not been disclosed, as they increase their firms exposure incredibly in accepting such engagements. In this case, the transition from BDO Seidman to Arthur Andersen was clean.) And they would have not given a clean bill of health to LBOR during the NYSE listing application process if there was issues afoot. There's not enough liability insurance in the world to make Andersen commit and commit to the things that have been alleged to by the shorts. How do I know so much about this whole audit process? Easy, I'm an accountant, formerly in public accounting for several years, now employed by a large seafood concern. I've been on both sides of the fence, the auditor and the audit client. And I can tell you that Andersen values its rep far too much to have its name attached to LBOR if there were the problems that are being claimed. In the face of mgmt.'s repeated public denial fo the shorts' rumors and its continuing asserting of its financial-wellness, LBOR would be putting Andersen into a situation in which it would have been forced to resign the engagement. But instead, what's happening? Andersen taking part in the co.'s conference call so as to add support of the notion that LBOR's accounting is proper, not misleaading and not misstated; Andersen's awarding of the Best Practices award for technology utiliztion, an award that would have not happened if LBOR was a 'problem' client, as Andersen would have been quite happy to give another of its clients the accolades; Andersen taking an active role in providing info to the NYSE. None of these events support ANY of the allegations at hand.