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Enron's unraveling can be traced to investors' first whiff of "off-balance-sheet" partnerships that hid billions of dollars of the company's liabilities. By the time Enron crashed, it was primarily a trading firm. It had relatively few hard assets to cushion its fall when business faltered and hidden debts came due. The risks aren't nearly so great at asset-rich companies like Tyco and GE. But, as with Enron, seasoned analysts have trouble determining whence, exactly, they derive their profits...
...World Trade Center Compensation Fact Sheet - From the New York Committee for Occupational Health and Safety...
...that auditors, directors and stock analysts are supposed to put the interests of shareholders above their own thirst for fees. It is a failure of government: having greased nearly every campaigner's palm in Washington, Enron worked overtime to keep the regulators from looking too closely at a balance sheet gone bad. And it is a failure of character, especially inside Enron, where managers who knew something was badly wrong did not say anything publicly until the subpoenas began to arrive...
...available through most U.S. brokers. That's where Charles de Vaulx, co-manager of the First Eagle Sogen Global fund, has been mining. "Our bullishness on Japan rests on the extremely low valuations," he says. He likes the bicycle-parts maker Shimano, which has cash on its balance sheet equal to a third of its market value and has strong exports to boot. Other favorites include construction company Okumura, machinery company Aida Engineering and textiles firm Sotoh--all of which are profitable or break-even and trade at less than the value of cash on their books. Other solid funds...
...that auditors, directors and stock analysts are supposed to put the interests of shareholders above their own thirst for fees. It is a failure of government: having greased nearly every campaigner's palm in Washington, Enron worked overtime to keep the regulators from looking too closely at a balance sheet gone bad. And it is a failure of character, especially inside Enron, where managers who knew something was badly wrong did not say anything publicly until the subpoenas began to arrive...