Announcement: Talk with Prof. Neal Stoughton, University of California

Date: 22.05.2002

Time: 04:00 pm

Location: Bank Gutmann AG, Schwarzenbergplatz 16, 1010 Wien, Mezzanin

Title of the talk: Off Balance: Earnings Mismanagement through Special Purpose Entities

Abstract: The extraordinary demise of the Enron Corporation has highlighted the fallacy behind the use of earnings as a measure of value in modern financial corporations. As details have emerged from other firms in financial distress such as Global Crossing it has become apparent that the current GAAP methods are unacceptable in the modern financial environment. Even presumably successful corporations such as GE and IBM have been significantly affected in recent months. We will discuss the various accounting tricks that have been employed through special purpose entities and how a new framework for analysis should be developed to put the risks of special purpose entities back in proper balance.

registration: until 17.05.2002 under sonja.zeiner@gutmann.at or phone: 01/502 20-357