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AMP $3.64

amp not worth $3.50

  1. cheech

    831 Posts.

    It may seem a little harsh, but the truth about AMP is that they relied on unreliable accounting and financial reporting practices to fatten their share price and financial positions. In this respect and at the expense of sounding like a broken record I once more raise the spectre of the Earnings Versus real Cash dichotomy which had its airing after the 1987 crash.

    Gottleibson cannot be taken too seriously when he alludes to a single meeting which was aborted over the GIO affair which he holds as the single cause of the AMP fiasco. Wrong!!

    The NSW government and GIO executives are faced with strict liability offences if they attemtp to back out of their failure to disclose certain matters which are not only relevant but critical to the survival of the company failing which other offences and consequences flow.

    Lrge law firms are like over capitalised companies or even worse than larger accounting partnerships like Arthur Andersons (RIP). No one is infallibale or invincible.!!! Their legal advisors and GIO's had overlapping interests with both entities and claimed the benefit of China Walls (over which grow grapevines).

    A real good look at their past three years of activity makes me wonder why there are still people (excluding institutions acting in collusion to maintain support levels) who are prepared to pay more than $3.50 for this company (including a premium and speculative value).

    AMP will be bought out, merged or severely downsized to strict core operations this year. There goes my everything.

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