Posted on 05/22/2002 10:34:08 AM PDT by Ernest_at_the_Beach
Edited on 04/14/2004 10:05:11 PM PDT by Jim Robinson. [history]
Deals last year with Qwest and Global Crossing raise red flags over possible use of accounting tricks.
Federal officials are stepping up their investigation of Enron's deals to swap fiber-optic network capacity with Qwest Communications and Global Crossing, according to people familiar with the inquiries.
(Excerpt) Read more at ocregister.com ...
Enron_List: for Enron_List articles. Other Bump Lists at: Free Republic Bump List Register |
Global Crossing's Use of Swaps To Boost Revenue Wasn't Unusual
Here is a swap in a commodity other than Energy with the intent of boosting revenue.
"It raises the real question of whether companies are creating real economic revenue or sham transactions financially engineered to report to shareholders," says Lynn Turner, former chief accountant at the SEC between 1998 and 2001.
If Enron, Reliant, Global... did swaps to appear to stockholders differently than they were, it is cauld attempting to defraud stockholders and the SEC should step in and go after the company, its board of directors and it accountant.
Not directly related with Swaps, but with "accounting techniques".
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.