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Cincinnati Bell Inc. Message Board

  • rrb1981 rrb1981 May 7, 2002 10:06 PM Flag

    cash_back_7 and E"NRON"BITDA

    Whats your problem. I post a very legitamate point about EBITDA that both Warren Buffett and Charlie Munger(do you even know who he is)brought up this very weekend. They pointed out that EBITDA is one of the very first things they look for when looking for fraud. If you want to know what happened to the earnings, just look at Elly's and Mooney's salary, stock options, bonuses...can you say corruption and very Enronesque. If you are a long and are under your purchase price, TOUGH, if your short then you shouldn't be mad because fishy stuff like EBITDA should hurt BRW, if you don't hold a position (like me) then you shouldn't have a problem.

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    • RB Tech???

      Excellent point(s).

      It's nice to read someone who knows what he/she is talking about!

    • And of course aided by AA's creative accounting methods, which span the whole telcom sector. For the newbies in the field, it has been a long standing joke that when bad debts or attrition was running high WCOM would go acquistion hunting and then take a charge for "acquisition related expenses" yeah right. Also ala Qwest and LCI, I may have the numbers wrong but Qwest wrote down about 60-80% of the LCI acquistion price within days of the purchase, of course their auditor was AA. I think they paid 4b and wrote off 2-3b, those like cash back 7 and others who seem to have a toe in the sector may have the exact nums.
      rant off
      ok I feel better now....

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