'Enronitis' sweeps through Wall Street - papers 5 Feb

The Telegraph claims that Wall Street caught "Enronitis" yesterday, sending shares tumbling on fears that the profits claimed by some of corporate America's biggest players are based on little more than creative accounting. The sell-off began after claims that Tyco International, the conglomerate that has announced plans to split into four, spent $8 billion in the last three years on acquisitions that were not fully disclosed. Equitable Life's with-profits fund lost nearly £1.9 billion in early surrenders and maturities in the last three months of 2001, the society revealed yesterday ...