Tuesday, February 26, 2002

I was watching Schilling give his testimony in the congressional hearning, here a few notes from it.
1. You really have to learn how to answer questions from this guy, he fooled so many people by being so precise about something, which had nothing to do with the question, so precise and space enough for a visible chink, which the senate tries to probe there by ignoring the initial question.
2. Under prepared senators, who fish out these reports from Vanity Fair and try to grill these people and get slapped in the end, one of the most important thing that I heard about questioning is: Dont ask unless you know what he is going to say.
3. So many billions lost, a lot more billions being spent on investigation, where are they all going? I am sure the senate will come up with some Mumbo-jumbo which cannot be acted upon.
4. The Accounting Principles like Law is so subjective that probably you need a jury, which might just need to look at Business Sense and Shareholder sense and not those stupid accounting principles, which just perpetuate the class of Financial Analysts in Accounting firms, whose job seems to find "interpretations" of laws.
5. If the CEO of a company says that he has no idea that $700 million evaporated and he had no idea and he is not responsible as there was a committee to take care of it, it just doesnt smell right.
6. Why dint somebody jail all those analysts, who gave 3 digit growth estimates for the markets? Most of the bloody Business and market plans are made based on these Analyst reports. I am sure theres a frigging disclaimer in the end. These are the guys making 100s of 1000s of dollars, should stick their white collared necks out for their projections.


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