Re: OT: Bush FLOPS the Debate

From: Julie (julie_at_nospam.com)
Date: 10/02/04 

Date: Sat, 02 Oct 2004 16:36:40 -0700

Tom Seim wrote:
>
> >
> > On a different topic, I really wish someone would do something about the SEC.
> > *That* is what I blame for our current economic problems. All that 90's bubble
> > crap -- IPO/public companies worth 100's of millions w/ absolutely no product,
> > ip, assets, etc. other than an office in a high-rise building and a
> > _web_site_. Where was the SEC during all of that utter deception? Regardless
> > of who is president, the economy is going to yo-yo for many years until it can
> > stabilize again.
>
> If investors want to over pay for an IPO that's their privelege and
> right. They did it because they expected a bigger sucker to come along
> on whom they could dump their stock. The SEC does not set stock
> prices, it watches the accuracy of the statements made by the company.

Right -- that accuracy part is what I'm talking about. From what I understand,
the SEC made virtually no charges of fraudulent activity during the mid/late
90's.

> A larger issue was the deregulation of the accounting industry by
> Clinton, permitting them to sell services to the companies they
> audited. This was a clear conflict of interest and the ultimate
> outcome predictable. Throw into that mix stock "analysts" who were
> fraudulantely recommending problematic stock.

Yes, and the SEC has jurisdiction over analysts -- again, no charges or
indictments.

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