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Let me ask you a question. Say that you were a shareholder in a big corporation -- heck, just to be topical let's call that company "Enron". And let's say that the CEO of this company launched a number of enormous initiatives, projects which would require untold amounts of manpower and money. And I mean "untold" in the literal sense: the CEO will only reveal the names and goals of the initiatives, refusing to tell the shareholders any of the specifics.
Well, that might not be too unusual -- CEOs rarely talk nuts and bolts with each and every person holding stock. But let's further suppose that the CEO won't even tell the corporation's own Board of Directors what the initiatives are all about. He just tells them that he needs lots and lots of money, but refuses to answer any of their questions about how the money will be spent. He insists that they don't need to know.
And, finally, let's say that this corporation is already well in debt, with no sign of profits in sight.
My question: How confident would you be in the value of your shares?
Got your answer?
Good. Now read this.Posted on March 20, 2002 to