Click Here to read about how Citigroup and J.P. Morgan marketed strategies similar to Enron's to a "slew of other companies."
"An official familiar with the investigation will testify at today's hearings before that panel that Yosemite, Mahonia and other deals allowed Enron to understate its debt by 40% while overstating cash flow by as much as 50%, according to a draft of his statement. Cash flow is a crucial measure of financial health for energy companies such as Enron."
Understate debt by 40%??? Overstate cash flow by 50%??? How is an investor supposed to make an informed decision about a company with these kinds of cooked figures? It defeats the entire purpose of the stock market. And there is potentially a "slew" of other Enrons out there?
Usually a plunge like what is happening now is the perfect time to invest in the market. Most people who invested after Black Monday in 1987 made a killing in the '90s. But until we find out about the other companies who may be using these fraudulant ... oh sorry ... creative accounting techniques, buy government bonds and hard liquor.
I wouldn't want you to walk across Hungerford Bridge, especially at twilight, Looking through the bolts and the girders into the water below. You'll never find your answer there.
They sounded the "all clear" in the Occidental Bazzar they used to call Oxford Street. Now the bankrupt souls in the City are finally tasting defeat.
Elvis Costello -- "London's Brilliant Parade"
Until they sound the All Clear, steer clear of the markets methinks.
Let me put you in the picture, let me show you what I mean; The Messiah is my sister, ain't no king man, she's my queen.