Article View: pdx.general
Article #1229Re: Call Me A Liberal
From: trebor
Date: Wed, 31 Jul 2002 05:32
Date: Wed, 31 Jul 2002 05:32
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"Rod & BJ" <soggy@pacifier.com> wrote: >"Charlie Wilkes" >> No, that's not a reasonable assessment at all. There was a broad >> pattern of negligence and financial misrepresentation that the Street >> didn't know about. >Wallsteet looked primarily at growth ....Enron had many years of phenomenal >sales growth via energy trades that actually did little to actually increase >the bottom line. Since 90% of gross sales were these energy trades they >built a "paper tiger" company that was built on fluff and image (even worse >some of these trades were simply back and forth transactions with other >energy traders). The basic flaw being you sell a energy contract worth a >million, keep a thousand but gross sales reflect the million.....get enough >these passing through your doors ($90billion) and you look like a major >player. Exactly. And the people at Enron who made such decisions knew that, while legal, what they were doing was ethically wrong. The fact that growth is rewarded does not mean that creating the appearance of growth to reap the reward is okay to do. The problem isn't that Wall Street rewarded growth; the problem is that the reward was pursued at all costs and by all means by unethical people.
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X-Google-Language: ENGLISH,ASCII-7-bit X-Google-Thread: fb1cb,45200f002c4c625f X-Google-Attributes: gidfb1cb,public X-Google-Thread: 1128d6,45200f002c4c625f X-Google-Attributes: gid1128d6,public X-Google-Thread: f824f,45200f002c4c625f X-Google-Attributes: gidf824f,public X-Google-Thread: 107d03,45200f002c4c625f X-Google-Attributes: gid107d03,public X-Google-ArrivalTime: 2002-07-30 22:33:36 PST Path: arc1-ca.pugleaf.net!archiver1.google.com!news1.google.com!newsfeed.stanford.edu!newsfeed.berkeley.edu!ucberkeley!sn-xit-05!sn-xit-06!sn-post-02!sn-post-01!supernews.com!news.supernews.com!not-for-mail From: "trebor@sirius.com.no.more" <user@example.com> Newsgroups: pdx.general,seattle.general,ba.general,la.general Subject: Re: Call Me A Liberal Date: Tue, 30 Jul 2002 22:32:36 -0700 Organization: Posted via Supernews, http://www.supernews.com Message-ID: <fctekuobnji9vqs42j6cotbiqsqs54vqga@news.supernews.com> References: <uk8m4jhfcdre3e@corp.supernews.com> <uk9kthqlp11g0a@corp.supernews.com> <ukajppse98b7a2@corp.supernews.com> <ukb7vj37po8ifa@corp.supernews.com> <1027978585.117808@news.zipcon.net> <ukbh5417eqb953@corp.supernews.com> <ip1ckuocvst8fb1q2msoo3asi08fpl8l51@news.supernews.com> <ukcq0ja8a2n7f6@corp.supernews.com> <sildkuslmpmodtrto2gsirf5j0omls9m4g@news.supernews.com> <uke62aol5g2me3@corp.supernews.com> <ud8ekuopus0cpnsntegaese9l2f6vvmk5p@4ax.com> <ukebtp4a9tanc7@corp.supernews.com> X-Newsreader: Forte Agent 1.91/32.564 MIME-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-Complaints-To: newsabuse@supernews.com Lines: 25