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DISPATCH: Legal (Mis)Representation
Posted on February 9, 2002 by Anita

For me, the Enron scandal merely confirms what I've suspected for years: Some corporations will do almost anything to make a buck, including lie and cheat and steal. And there are very few legal constraints on their ability to do so. In fact, it looks as though Enron may have exploited the same perfectly legal, business-friendly accounting loopholes that hundreds of other companies regularly employ.

Take this tidbit I read recently on SmartStockInvestor.com:

For the first three quarters of 2001, the one hundred companies that make up the NASDAQ 100 reported $82.3 billion in combined losses to the Securities and Exchange Commission (SEC). For the same period, these companies reported $19.1 billion in combined profits to shareholders via headline, "pro forma" earnings reports -- a difference of $101.4 billion or over $1 billion per company.

Topic : Frigging Daft
Posted By : Anita
Posted On : February 9, 2002



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