Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Advanced Engine Technologies (AENG) -- Ignore unavailable to you. Want to Upgrade?

To: LIQPLMBER who wrote (2119)	10/23/1998 11:41:00 AM
From: Sir Auric Goldfinger	Respond to of 3383

In your most moist dreams, Drano:" 250 MILLION AUTO ENGINES PER YEAR"

To: LIQPLMBER who wrote (2119)	10/23/1998 11:47:00 AM
From: Brent	Read Replies (1) \| Respond to of 3383

ROFLMA! That is hilarious! Whew. The only thing that could make it funnier is if you were actually serious when you wrote it. Keep me smilin' Brent

To: LIQPLMBER who wrote (2119)	10/23/1998 12:33:00 PM
From: Sir Auric Goldfinger	Read Replies (1) \| Respond to of 3383

The real reason that TRAV is not yet extinct: SEC Turnover Rate Leaves Agency Scrambling in Fight Against Fraud By MICHAEL SCHROEDER Staff Reporter of THE WALL STREET JOURNAL WASHINGTON -- The Securities and Exchange Commission has been scrambling to replace an alarming number of experienced enforcement staffers who have left for higher-paying jobs elsewhere. While the SEC says it has been able to maintain its caseload, the agency's strategy has increasingly been to target high-profile cases to send the message that it is tough on all forms of stock fraud. With limited staff, however, there's much that may go undetected. Two-year turnover rates, from September 1996 through September 1998, indicate that the biggest exodus was in New York. The SEC's biggest regional office saw 54% of its 137-member enforcement staff leave -- including 57 of 88 attorneys. In San Francisco, 40% of the office's 25 enforcers left over the same period, while the Los Angeles office lost 34% of its 68-member enforcement staff and the Chicago regional office lost one-third of its 75 enforcers. Nearly all were attorneys. Even the SEC's Washington headquarters wasn't immune: 27% of its 332 enforcers moved on. Not all cities have felt as sharp a pinch: Smaller offices in Philadelphia; Fort Worth, Texas; and Denver lost about 14% of staff during the same period. The enforcement staff, which includes lawyers, accountants, investigators and examiners, is responsible for ferreting out fraud in the securities business. The staff turnover "puts a strain on all of us in terms of training and supervision, and getting the work out," said Richard Walker, who was named head of SEC enforcement last April. He requested the two-year turnover numbers for the agency's five regional offices after noticing unusually high staff loss. The SEC's turnover rate for all employees is 12% a year -- significantly above the 8% rate for federal agencies overall. The SEC had 469 enforcement cases for the fiscal year ended Sept. 30, down slightly from the prior year's 489. The earlier year included an unusual 20 separate cases stemming from a single New York City broker bust. The SEC generally faces high staff turnover when markets heat up, chiefly because it can't compete with the salaries offered by law firms and brokerage firms. While enforcement staff attorneys make between $39,300 and $101,000, they can command two to three times those amounts in the private sector. Many are leaving for more lucrative jobs after only a year or two, even though the SEC asks them to stay on at least three years when they're hired. Traditionally, attorneys spend at least five years at the agency. An SEC plan to use $7 million in salary savings from the high turnover to help retain experienced staff was nixed by Congress. So it will have to rely on recruiting strategies, including internships and fellowships, and on a strategy of hunting for lawyers beyond its traditional East Coast hiring pool, largely because it can't compete on salaries. The agency, however, has attracted high-quality senior officials over the past six months. Recent recruits include Harvey Goldschmid, the new general counsel, a former Columbia University law-school professor who is an antitrust and securities expert. Valerie Caproni, a former assistant U.S. Attorney for New York's eastern district, now heads the SEC's West Coast regional office. And Annette Nazareth, former managing director for Salomon Smith Barney's capital markets legal group, joined Chairman Arthur Levitt's staff as a senior counsel. Meanwhile, the cooling stock market may begin to stem the exodus -- much as the bear market of the early 1990s slowed SEC turnover. "It's very possible that law firms will have less work available," said Mr. Walker. "Then we'll be the beneficiary." interactive.wsj.com