Steve Zito, MS Fin/BS Econ Wharton School, HTML Writers Guild
uses economic and technical analysis to forecast the direction of the stock market. The views in this newsletter are opinions only, and should not be solely relied on for your investment decisions.
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NASDAQ COMPOSITE
INDEX closed 1405.61

July 8, 2002 - Blame Bush Appointees?

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July 8. Go To Page 2. Nasdaq Composite closed at 1405.61 on July 8.
Nasdaq has risen 1.81 (0.1%) since the July 2 page. Watching a tilted CNBC coverage of the WORLDCOM Congressional hearings held Monday, July 8 has brought many things to light. Everyone in the TV media connected with Nasdaq stock market bubble hype 1998 to 2001 denies any knowledge of the fraudulent accounting that helped create the market bubble, and like guilty parties, the TV media hyped former Worldcom CEO Bernard Ebbers (former bouncer) as great financial genius. In fact, today Bernard Ebbers became the first person ever to screw up taking the Fifth Amendment before Congress. In 1999, the TV media labeled Worldcom as the "stock to own" to use their own words of the CNBC announcers just three years ago. As that stock Worldcom was peaking at $60, CNBC Maria Bartiromo screamed from a floor of the NYSE, "Folks, how high can we go!" These days, CNBC Maria Bartiromo takes every on-air opportunity to claim that from 1999 she warned investors stocks like Worldcom were too high. This TV announcer cannot even speak correct English, let alone tell the truth. When New York Democrat Barney Frank started to grill Salomon Smith Barney's Jack Grubman, Bartiromo cut away from a critical Congressional testimony to ask her very simplistic question, "Why is Scott Sullivan and Bernard Ebbers allowed to sit there and nothing happens?" Hey Maria, the correct plural verb for 2 people is "are," not "is." Instead of showing Grubman getting grilled, CNBC cut to young Salomon Smith Barney bond trader Mike McDermott, avoiding Grubman. Not hard to guess who pays for advertisements. Later, CNBC cut away from dramatic Congressional questioning by New York Democrat Carolyn Maloney to sidestep vocal Democrats attacking Andersen Managing Partner Melvin Dick whose answer sounded like that introductory textbook I once read in Auditing 101. Dick claims Andersen used generally accepted auditing principles and utilized sophisticated audit software. Former Andersen Partner claims Worldcom supplied his audit team with fraudulent numbers. Arthur Andersen has shown itself not to be trusted, their employees should be barred from the accounting profession. Melvin Dick, your typical accountant, no imagination, just taking orders from his boss, not able to see the trees for the forest. Then Salomon Smith Barney Jack Grubman was even more evasive with a line "I am cognizant of not giving a 100% answer if I don't have 100% memory" when asked by California Democrat Maxine Waters, "what do you know, or did you know that was not publicly available information?" Thus CNBC only showed Republicans today, including the Bush statement at the end of the day, in which he spent more time talking about waging war than of reviving the flagging U.S. economy. Defense appropriations (he will ask Congress $14 billion in immediate funds) instead of Jobs.
How to Use Site. Carving up Arthur Andersen Top Nasdaq Big-Caps
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