THE SYSTEM WORKS

New York Post ^ | 6/28/02 | RALPH PETERS

[mewzilla]

Let's see these people go to the slammer. Then I'll believe the system works. And I'll put money in the stock market again.

[caa26]

I'm sure the 17,000 about to be unemployed by WorldCom are reassured after reading this article.

[Tuco-bad]

It's not "according to me", I believe it's the law.

"Believe"? - it seems you are equivocating.

[unequallawsuntoasavagerace]

The SYSTEM does work.
"Work" meaning that fraud and deceit pay off and it's not likely that you will do any jail time. Not even likely that you will have to return the millions you make at the expense of the shareholders and employees.
That is the capitalist SYSTEM (without effective government oversite and enforcement of existing laws).

[walden]

I am not equivocating, I am stating fairly the limits of my knowledge on the issue. I BELIEVE that what I have stated is the law.

[walden]

I am not a lawyer, you see-- I'm an accountant. But I believe so strongly that the law is what I have said that I have NEVER traded in the stock of any company of which I have had insider knowledge, nor have I passed that insider knowledge to anyone else. I'm kind of old, so I don't remember all the details of the law, but I do remember explicitly what the defined rules of ethical conduct are.

[Tuco-bad]

I do remember explicitly what the defined rules of ethical conduct are.

We are not talking ethics but what the law is.

[headsonpikes]

"That is the capitalist SYSTEM..."

Wrong. That is the modern 'state socialist system'. And you're right, it does pay off.

Capitalism fully functions only in a free market. A free market is the very last thing large corporations with men on the pad in Washington desire.

Your 'regulations' and etc. act only as a plausible cover for the real regulatory agenda, which is to restrict competition and fleece the flock, just as Adam Smith pointed out in Wealth of Nations.

Human nature hasn't changed for several thousand years, at the least.

[supercat]

The truth is that no one ever "overhears" this stuff. It is told to them, because the person doing the telling knows they own that particular stock, and for the purpose of making or saving them money. It's that simple.

Suppose someone who lives near a large company's main offices makes note of whose cars are in the parking lot, when, how many times the pizza guy visits, whether there's a Shred-X truck outside, etc. Would such knowledge be considered "inside information"?

[walden]

No.

[LoneGreenEyeshade]

that the bad guys - and gals - got caught.

What an ignorant assumption...that ALL the bad guys and gals got caught! Oh, the stories I could tell......as a former senior management accountant with a long career in public and private accounting.....some day, sooner than later, I pray!

[Uncle Bill]

From article:

"President Bush will not get my vote in 2004 if he does not do everything he can to convict and imprison, for very long stretches, every senior manager culpable in any one of these scandals."

---

That above quote was a real knee-slapper. LOL!

"If you run a corporation in America, you're responsible for being honest on your balance sheet with all your assets and liabilities." - George W. Bush

How does the federal government measure up?:

Picture this. You're working your butt off day and night. You're putting your daughter through college. She's just finished her first year. She comes home for the summer. You notice she has a bad attitude. She's arrogant now. She's less responsible now than you have ever seen her. She's spouting Marxist flim from her mouth that would make Lenin proud. She now loves Hillary Clinton. She wants HillaryCare for everyone. She's excited that George W. Bush helped Hillary and has ramped up HillaryCare with his trillion dollar Prescription drug bill.

After she settles in, you ask her to provide you with her grades so you can assess her progress from last year. Afterall, you just spent $20,000 for this lower education. She moans and groans, and presents some of the progress. You get to see eleven subject grades. They were D-, D-, F, F, D-, F, D, D, D, D-, D-. Your daughter explains that she's trying real hard. She explains if she just had more money and support she'll do better. She needs better computer equipment, a car, a better place to live, and, she needs a raise in her allowance for spending. She also would like better clothes as she feels many of the professor aides(professors aren't there anymore) would be more impressed with a more professional look. She's thinking a pierced ring in her nose and a ball in her tongue could be the trick that puts her over the top.

Her attitude seems to be that she deserves this money you have saved and sacrificed for. She sounds even threatening. Would you let this go on and on and on and on?

Government Fails Fiscal-Fitness Test

U.S. Federal Government Accounting Methods

$3,400,000,000,000(Trillion) of Taxpayers' Money Is Missing

The War on Waste - Rumsfeld Says 2.3 Trillion Dollars Missing

1.1 Trillion Dollars Missing At Defense Department

HUD Missing 59 Billion

Billions Lost By Feds

Cooking The Books At The Department Of Education

Thank goodness the system works

[philman_36]

Oh UB, thats just Generally Accepted Accounting Practices (GAAP) at work. Everything is A-OK.
You shouldn't worry yourself about little things like money. It's all under control and they're generally accepted practices anyway, even if those practices are wrong.
That "gap" in your wallet is a generally expected accepted practice too!

[philman_36]

It's all under control.

[Uncle Bill]

Squeeze, Baby, Squeeze

[philman_36]

A real blast from the past!

[headsonpikes]

"Thank goodness the system works."

Great thread, for those who pursue the links! ;^)

[headsonpikes]

bump