Bollettino



The traditional Greek tragic tetralogy would be ended with a fourth play, a mock tragedy, or satyr play. In the age of the speeded up News cycle, we've put them all on together. Thus, while all eyes are turned to the meatmaster's demise in Baghdad, at home the HealthSouth satyr play is strutting its stuff. And what stuff! Cornpone fraud, served hot and piping, just like Enron used to make it! Except that Richard Scuchy was no Ken Lay. And just as in Enron Rex, there's the accounting and investment banking auxilliaries forming a little chorus. The NYPost publishes a blaring, tabloid style glimpse of UBS Warburg's healthcare and biotech unit, led by Ben Lorello, which basically floated HealthSouth. It is interesting to compare the genteel tone of the NYT's Ben Lorello story and the Post's. The NYT titles its story, Conflict Issue Over Analyst's Deal. This is muffling your scoop in gray flannel indeed. The Post, on the other hands, screams UBS' OWN GRUBMAN. The parallel isn't quite Plutarchian, since it is unclear who plays the role of Grubman, here: Lorello or analyst shill Howard Capek, who kept HealthSouth at a buy when all around were otherwise suspecting that the robbers had taken the safe.



Meanwhile, we've heard a rumor that Scrushy is in hiding. Or in flight. Forbes, last week, published a piece that summarized what Scrushy is facing:



"Under the insider trading charges, the SEC is seeking as much as $743 million from Scrushy, including the return of profits, civil penalty and interest.



The Department of Justice will not settle for just financial penalties in this case, legal experts predicted.



"Federal sentencing guidelines would call for extremely harsh penalties," Nolan said. "There is almost a guarantee of substantial prison time."



Maris said Scrushy could be looking at 10 years behind bars.



"I think we are in a climate where the investing public is expecting to see corporate wrongdoers begin to do something other than pay back portions of the money they have wrongfully gotten," he said."



If Scrushy the satyr debouches into some Caribbean haven, Vesco-like, don't be surprised. Who knows, he might turn up next in Havanna, on the right hand of el jefe.