I feel like I am teaching my students in Investments & Portfolio Mgmt class (which I do part-time at a local college) when I explain things to HH...but here goes anyway!
1) IMO - filing will be on time, but it doesn't really matter because many companies with as much growth as SPNG has had in fiscal-year 2009, sometimes need that extra 15 days, especially given the fact that Robison had a bit of a mess to clean up from Drakeford.
SUMMARY: It doesn't matter one way or the other if it is filed on time except for the nervous nellies who know nothing about SEC filings and might panic sell. There are no penalties attached to an NT 10K.
2) Enron accounting firm was Arthur Andersen, who was just as crooked as Enron and knew they were cooking the books the whole time, so I don't know what you are trying to imply here except for your lack of knowledge regarding Enron. But I think you were pretty young at the time the Enron scandal occurred, so you are excused for being ignorant of this fact.
3) I will let you look up the accounting firms for the others you mention, but want to school you once more on the demise of Bear Stearns, Lehman Brothers, AIG, etc:
a) Sub-prime borrowers were allowed to take out mortgages as either interest-only loans or at ridiculously low ARM interest rates. After a couple years, or whatever the contract called for, principal kicked in for interest-only loans, or the ARMs became fixed at much higher rates.
The kicker was that the borrowers were told by originators that they could simply sell the home for a profit when rates, and corresponding payments, rose, as the housing prices were sure to continue to rise.
b) Originators sold these loans to financial institutions with nothing at stake, and no fiduciary responsibility to borrowers.
b) S&P and Moody's over-inflated the ratings of these loans, enabling the financial institutions who had bought the loans from the originators to package the sub-prime loans with good-standing loans into single MBS's (mortgage-backed-securities).
c) These MBS's were sold all over the world, but not without a guarantee, called a CDS (credit default swap), an insurance policy against the MBS's going bad, but needed to be called swaps to avoid being regulated as insurance is. These CDS's were packaged alongside the MBS's by Bear Stearns, Lehman Bros, AIG, etc.
d) When loans began being defaulted on as housing prices dropped and homeowners could not afford the raise in payments when the principal payments kicked in and/or higher fixed-rates replaced lower ARMs, so did the MBS's, and the CDS's were called, essentially putting a huge dent on the balance sheets of these financial institutions.
You know what eventually killed them? The shorters, like vultures seeing a wounded animal, went in to finish off the carcass. Vultures aren't typically smart enough to make a kill themselves, but instead are the lowest of life forms who eat what others leave behind.
I hope this all makes sense to you, as I have discovered your education is somewhat limited. If there is anything you have trouble with, I will try to provide pictures and graphs next time.
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