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Crash What Crash??

  1. cheech

    831 Posts.

    I repeat what I have written about previously ad nauseum about the regulator and the 'Nero Complex'. AFR 13th July 2002 quotes the regulator as saying something rather ignorant if not dangerously so.

    There are now at least 50 ASX listed companies that are in breach of the listing requirements and ASIc rules. many have assets that require to be revalued or written down which would put them in a totally different position negatively if done.

    Others have deliberately or recklessley allowed reporting to misrepresent the true facts of the company to their shareholders and to the regulators.

    The USA example is prevalent here contrary to the assertions of the regulator in the AFR over the weekend. Earnings have been used to replace real cash flow accounting and taken for granted at face value. It is not only the small cap mining sector that is guilty but the telco and hi tech sectors that are doing it.

    I fear there is a problem with analysts at the ASIC and generally with a policy of concealment till the inevitable occurs.

    The promise of great deals and mineral finds of el dorado propotions continues unabated inspite of the lessons of Busang. funds managers are part of the problem in that they have demonstrated an equal amount of blissful ignorance and an arrogance to support by throwing other peoples money down the gurgler in exchange for pecuniary benefits for themselves.

    Look at companies that suddenly enjoy a burst of life and check out the pattern of their trades. You inevitably find the same brokers, same banks and same funds managers trading the stock. One such company has had a 500% share price increase in six months without any valid reason attached and the ASIC remains mute.

    Crash ?? What Crash??

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