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S U M M A R Y


DIARY: February 19, 2002 05:46 PM Tuesday; Rod Welch

Bankruptcies soar on poor economy; stocks fall on accounting fears.

1...Summary/Objective
2...Earnings Engineering at IBM Illustrate Accounting Issues


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CONTACTS 

SUBJECTS
Accountability Stock Market Crumbles Loss Confidence Integrity of Acc
Accounting Reports of Earnings Loss of Confidence Due to Enron Scande
New Realities Information Overload Overwhelms Span of Attention by Co
Accountability Stock Market Crumbles Loss Confidence Integrity of Acc
Steepest Decline for 3rd Quarter Since 1991
Connecting Dots Meltdown Too Many People Having Too Many Problems Imp
Problems Too Many People Having Too Many Problems Earnings Fall Becau
Accountability Requirement Increased on Fears Integrity Accounting at
Bankruptcy Record Numbers in 2001 Due to Recission
Meltdown Bankruptcy Record Numbers in 2001 Due to Recession National
Earnings Engineering Accounting Improper Artificially Inflate Balance

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7813 -    ..
7814 - Summary/Objective
7815 -
781501 - Follow up ref SDS 48 0000, ref SDS 44 0000.
781502 -
781503 - Article published by Reuters today reports the U.S. is economy mired
781504 - in recession and debt-burdened individuals and businesses filed for
781505 - bankruptcy in record numbers last year, the Administrative Office of
781506 - the U.S. Courts said on Tuesday. ref OF 13 0001
781508 -  ..
781509 - A second article reports stock market still falling because investors
781510 - worry about corporate accountability due to shaky bookkeeping and bad
781511 - debt. ref OF 14 0001  Worry that too many people are having too many
781512 - problems that are being covered up instead of fixed is causing stock
781513 - prices to fall, as reported on 001207. ref SDS 31 V54M
781515 -  ..
781516 - The report today shows effect of bad management, and advantages of
781517 - good management, shown on 020204. ref SDS 47 6B9O
781518 - ..
781519 - Indicates people with value at risk care about accountability,
781520 - per analysis on 020204. ref SDS 47 9W6F
781521 -
781522 - "All these accounting problems are part of the decline -- they
781523 - represent a can of worms that hasn't been opened yet," said Frank
781524 - Gretz, analyst for Shields & Co. "IBM is one of our catalysts today
781525 - and telecom stocks are a real concern -- you can worry about some of
781526 - these companies having a credit crunch." ref OF 14 NC6F
781527 -
781528 - "Positive news on the economic front isn't sinking in as investors are
781529 - preoccupied with accounting fears and credit problems," said Rick
781530 - Jandrain, managing director for equities for Banc One Investment
781531 - Advisors, which oversees $135 billion." ref OF 14 CE9H
781532 -
781534 -  ..
781535 - Earnings Engineering at IBM Illustrate Accounting Issues
781536 -
781537 - IBM slid $3.35 to $99.54, scraping the lowest intraday level since
781538 - Oct. 19 after Prudential Securities analyst Kimberly Alexy said
781539 - long-standing concerns about IBM's earnings "engineering" would hurt
781540 - the stock over the next year. ref OF 14 WI3G
781542 -  ..
781543 - Among the latest triggers for balance-sheet jitters was a story in
781544 - Monday's edition of the New York Post, which raised questions about
781545 - deal-making structures at Cisco Systems Inc. ref OF 14 PG4I
781546 -
781547 - "Here's just one more name; let's just add another log to the fire,"
781548 - said Michael Farr, president of Farr, Miller & Washington. "One is
781549 - starting to get the impression that all (companies) are doing it and I
781550 - think with that comes the worry: 'Is this really where I want to have
781551 - my money?"'  ref OF 14 7H4N
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