Forum Archive Index - February 2002

["Desmond McDonnell" <desmondo@labyrinth.net.au>]

Right on, HW. There is a whole virtual accounting world of "off-balance 
sheet items." Enron even booked "tomorrow's profits today." What is 
worse, the analysts were silent. Or silenced. What the New York Times 
calls "all the news that's fit to print." Hey, it's the other news we want, 
the news that's not fit to print. Anyway it's all too late now. The goose is 
cooked. Enronitis has infected MorganChase. So Twin Towers was just 
an omen foreshadowing .. what lies beneath the ruins. Have you got 
your five acres of potatoes and a gold detector? Note GRD is into gold 
and waste management. Apt combination. They should launch another 
arm. ReeftonGoldBank. Like the good old days. From 20 cents to $1.60 
would pale in comparison. Babylon the great has fallen. Cheerio! Peter 
Jenkins

Congratulations Des - but its all fundamental analysis you wrote, not
"technical" analysis. In basic English it would be described as
technical but the term has been unlawfully seized by chicken entrail
chart crystal ball readers with a line of mumbo jumbo.

I see they're now starting to probe Enron's partnerships where it hid
huge debt off-balance sheet by inducing some well known financial and
broking institutions that should have known better in as minor
partners. Thank God our local ones are too small to be involved in
that sort of game and now they've had a wake-up call. Although as Nick
Leeson, the man who brought down Barings Bank is pointing out,
companies and institutions and the accounting profession still haven't
woken up and are in fact really slack - witness Allied Irish Bank and
Enron. If the partnerships are the old Brit Commonwealth type then the
minor partners will be in with unlimited liability to cover Enron
which would see some sad scenes.

Oh, and congratulations to the gold buffs - gold still charging away
this morning... Remember Poseidon - $A100, $A120.....pouff! and she
was gone....

cheers,
Hugh



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