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Alliancebernstein Income Fund Message Board

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    • vladimir_putin_of_russia vladimir_putin_of_russia Oct 16, 2004 2:04 AM Flag

      See the Imclone Page for the "run of the mill" "I don't want to make a big beef" Enron training course.

      Jack Welch was actually on the floor of the New York stock exchange and witnessed first hand the fraud and almost fell out on the floor. He's the only one to ever talk about it and can't believe that everybody else does not say a word. GE/Senior Group

    • I'm not suggesting in any way that Jack Welch be classified with Ken Lay or Bernie Ebbers, nor am I suggesting that Fannie is pushing the accounting envelope in any inappropriate way. The latter is engaged in a legitimate dispute with an organization that has virtual quasi-government status while really being a full employment creator for large accounting firms.

      I place the blame squarely on a Wall St. community that demands artificially smoothed earnings, and FASB for creating tools to enable same. The biggest ENE scandal IMO was not their fake earnings, but FASB's creation of QSPEs whereby a company can own up to 96.9% of a subsidiary yet keep it off their books. The fact that JEDI II was so putrid ENE couldn't even sell 3.1% of it legitimately, having to get their investment banker Merrill to buy enough in addition to the saps at CALPERS to get it there with a promise to buy it back via still ANOTHER QSPE is only the worst example of what FASB has wrought. It seems to me reasonable people would require anyone owning 50.1% or more of an entity to have to account for same on their books, and there are plenty of large entitities where owning 30% is going to be material to the holder's financial health.

    • <<<..."Greed and avarice in Fannie's executive offices .....">>>

      The only obvious cure for the problem is to raise the top tax bracket back up to 90% which should stop the good old boys and their offspring from legally stealing from our public companies thanks to their 3 stooges John, Ron and George.

      The total compensation for the top 25 CEO's is equal to 50 thousand jobs at 50K per year and everyone wonders why the job creation in this country is poor.

      • 1 Reply to taxpayer01824
      • Taxpayer01824,

        You're a bit more jaundiced than I am. But, you make some pretty good points. I won't argue the with greed and avarice points, only because it's now so rampant we just learn to live with it.

        My concerns about FNM are for the potential far reaching effects, ala Long Term Capital. I'm worried that FNM is at the base of a house of cards that may affect homeowners as well as a myriad of investors.

        Maybe others are less concerned.

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