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WSJ: SEC Broadens Investigation Into Revenue-boosting Tricks May 17, 2002 (FT World Media Abstracts via Comtex) An ongoing investigation by the Securities and Exchange Commission on the revenue-boosting practices of Dynegy Inc., CMS Energy Corp. and Reliant Resources Inc. has been widened to include companies in other industries. Aside from the SEC's inquiry into exchanges of fiber-optic capacities carried out by telecommunications companies Qwest Communications International Inc. and Global Crossing Ltd. to bolster revenue, the role played by vendor-financing deals in Lucent Technologies Inc.'s sales has also drawn the attention of the federal agency.
Charles Niemeier, chief of accounting at the Enforcement Division of the SEC, remarked, "I don't want to say it's an epidemic, but we've seen enough problems that it concerns us. We need to hit this pretty hard."
Mr. Niemeier also cited the companies' misleading efforts to demonstrate some form of economic activity.
Copyright 2002: Financial Times Information. All rights reserved
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