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I do not know EBIX's business well enough or enough fancy accounting (I stick to plain vanilla) to determine if the parallels to ENRON are rational. I knew enough about ENRON's basic business and self-dealing transactions to be suspicious and wary before the insider gave up the details. This has the appearance of similar related party transactions and ethics and honesty are ALWAYS an issue. Legal tax maneuvers or no, it takes a powerful lot of control and restraint to go up to the line but not over....I don't own EBIX yet, and would like to under 12...but not if the books are cooked or the management is vulnerable to pushing the limits with shareholders. I was always struck by one comment of author who wrote about Bernie Maddoff (forget which one)... he said he had little sympathy for Bernie's investors because they knew full well he implied his hedge fund profits came from front running the trades in his brokerage business, and while they stood to benefit from Bernies illegal and unethical activities, it wasn't THEIR illegalities, so it was ok, But then they were shocked Bernie had the temerity to hoodwink them.....
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