Mr Conteh,

ENRON did everything wrong, BRIBED all senators and congressmen , liberal
and or conservative ,balck or white to cheat and lie& steal from the poor
folks and us the taxpayers.
Some former employess cannot even collect unemployment because ENRON did not
pay the unemployment taxes /FUTA/SUTA etc. What a blunder and they got away
with it

Some one MUST GO TO JAIL for this or else all Hell will broke loose.

Arthur Anderson is in cohorts with them and they are equally accountable

This is injustice at it's hight. The top managment sold their stocks while
the regular  employees could not

>From: Jassey Conteh <[log in to unmask]>
>Reply-To: The Gambia and related-issues mailing list
><[log in to unmask]>
>To: [log in to unmask]
>Subject: Corporate Greed
>Date: Wed, 6 Feb 2002 19:01:25 +0800
>
>Comrade:
>
>The notion is that a corporation is incorporated
>thru the offices of the secretaries of state wihin the
>states of the United States.  The organizers of such
>an organization are authorized thru the Securities
>and Exchange Commission to sell stocks (common and
>preferred) to potential investors.  The Board of
>Directors are entrusted in maintaining their fiduciary responsibilities in
>the maximization of
>shareholder values.  The directors, who in actuality are self-employed
>individuals, further delegate management responsibilities to management.
>
>Unfortunately for investors of some major corporations, both upper
>management and the Board of Directors have co-mingled their personal
>financial interests with the objectives of making corporations profitable.
>Profitability, unfortunately for Enron and Tyco were overvalued at the
>expense of investors.  The ethical pronouncements for Authur Andersen in
>its audit engagement of Enron revealed that, it (Andersen)had direct
>financial interests in Enron.  This behavior by the auditing giant made it
>liable to shareholders because they may have  depended on the audit
>reports.  Andersen failed in its capacity as a continuing auditor in
>carrying out its obligation with professional scepticism.
>
>Mr. Lay, the former Chief Executive Officer failed in
>his fiduciary responsibility in protecting both the stockholders and his
>employees.  In a conference
>meeting after being told by an officer that some accounting irregularities
>may have occurred at Enron, Mr. Lay assured his employees that the
>financial propects of the energy giant were supreme.  In his dubious act,
>Mr. Lay sold thousands of stocks at a market rate of $90 a share.
>
>Stock brokers and those involved in security transactions believe that if a
>CEO sells his stocks,
>the probability is that the company may be facing uncertainty and the
>possibility of a going-concern
>issue.  This theory came to light before the close of
>the year when Enron announced its financial difficulties.
>
>The questions that I am asking are: Did Enron cooked its books to increase
>profits?  Were sales overvalued? Were expenses undervalued? Were research
>and development costs amortized?
>
>If the answers to these questions are in the affirmative, then Enron has a
>serious violation with
>the Securities and Exchange Commission and the American Institute of
>Certified Public Accountants.
>My prediction is that there will numerous class-action suits against Enron
>and Aurthur Andersen.
>
>While I believe in capitalism, I am worried that corporate growth in search
>of capital financing is at its worst scale.  The Securities and Exchange
>Commission, thru the efforts of Congress should tighten rules of conduct
>and also strict accounting
>reporting.  The American Institute of Certified Public Accountant should
>not have sole responsibility in promulgating accounting standards.
>
>This affirms my belief that Corporate greed is a going issue.  The
>shareholders should be protected.  The integrity of an audit engagement
>should be carried with professional scepticism.  An audit firm should not
>do both an audit engagement and consulting services, whether through
>compilation or review.  I am concerned with this because in a compilation,
>an auditor does not have to be independent.
>
>I hope the AICPA can promulgate that quarterly financial reports be audited
>due to the nature that
>corpoations readjust prior quarterly reports in current quarters.  Why
>should potential investors rely
>only on annual reports?  There may be some major developments that may have
>taken place after the audit
>report.  Reports that are material and have direct financial interest on a
>company are not reported in their entirety in quarterly reports.  I believe
>that
>in order to bring investor confidence, strict accounting standards should
>be established.
>
>Another troubling issue is the treshold of materiality.  While the
>financial statements are the responsibility of management, an independent
>auditor measures materiality independently.  Some will say that the
>aggregate is minimized because management does not measure materiality
>level.  Well, does an auditor contract with an appraiser for an asset that
>he or she is unfamiliar with?  Why then should materiality level be
>measured only by the auditor?  I think the AICPA should evaluate
>materiality threshold independently.
>
>The free flow of derivative theory is another issue that should be dealt
>with.  This risky venture is bad accounting because derivative terminology
>is vague.
>
>Naphiyo,
>
>Comrade ML Jassey-Conteh
>Greensboro, NC/Kombo East Constituency
>--
>
><<//\\>>//\\<<//\\>>//\\<<//\\>>//\\<<//\\>>//\\<<//\\>>
>
>To view archives of postings, go to the Gambia-L Web interface
>at: http://maelstrom.stjohns.edu/archives/gambia-l.html
>To contact the List Management, please send an e-mail to:
>[log in to unmask]
>
><<//\\>>//\\<<//\\>>//\\<<//\\>>//\\<<//\\>>//\\<<//\\>>




_________________________________________________________________
Chat with friends online, try MSN Messenger: http://messenger.msn.com

<<//\\>>//\\<<//\\>>//\\<<//\\>>//\\<<//\\>>//\\<<//\\>>

To view archives of postings, go to the Gambia-L Web interface
at: http://maelstrom.stjohns.edu/archives/gambia-l.html
To contact the List Management, please send an e-mail to:
[log in to unmask]

<<//\\>>//\\<<//\\>>//\\<<//\\>>//\\<<//\\>>//\\<<//\\>>