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22 companies may cause black friday

  1. cheech

    831 Posts.

    Of the more than 200 companies the ASX (and ASIC) have deemed either insolvent technically or in serious breach of the Companies and Securities Code, 22 have failed to provide adequate or timely responses and I am reliably informed that the vast majority of these are liable to be suspended or de listed.

    The question or dillema facing the regulators is the impact of removing 22 corporations with a collective market capitalisation of around $1 billion.

    These are not all small cap mining companies either. Adding to the list are the larger ones which have been thriving in a culutre of their own making, now oblivious to the real corporate culture imposed on them by law.

    Fraudently reporting and creatively accounting for their cash flow, revenue, expenditure and profits, ASIC and the ASX have found themselves post HIH and other notables to be complicit through their failure or lack of skills to detect, supervise or identify breaches in time.

    Being the creatures they have become, ASIC and the ASX have a culture of recruiting not the brightest nor the best or efficient because they themselves have subscribed to the culture of submitting to the profilers and filters of 'head hunters' those recruitment agencies.

    Much of the psychological profiles adopted and applied by these agencies were created by Americans for Americans but applied negligently to Australians who seek employment in Australian corporations.

    The decision not to strike off more than one company at a time is purely political. That in itself constitutes a violation of the law as it is biased, discriminatory and unfair in the applicaiton of the laws of this country.

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