'New employees’ motto: Trust no one'
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KALAMAZOO, Feb. 1, 2002.—Sid Cato's monthly Newsletter on Annual
Reports for February 2002 is his 222nd issue.
Cato took to task several companies, ranging from Enron, AT&T, PNC and American International Group, faulting their honesty—"or lack thereof." They were among the 80 companies whose shareholder letters this year, last and the year prior, he found "less than sufficiently forthright." Said Cato: "The current news headlines – reproduced above – lead to one inevitable conclusion, one fitting epitaph":
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