Forum Archive Index - June 2002

["Ben Dutton" <bendutton@sharechat.co.nz>]

Hi Morgy,

 

Yes, you're right - it is at times like this where the dirt gets exposed.  I guess in a strong bull market investors and institutions are willing to look past creative accounting etc. because everyone's making so much money (just look at the tech bubble for examples) - the situation changes when everyone starts losing money though.

 

However, I do think (and call me a believer in capitalism to the end here) that Worldcom and Enron are anomalies.  The people that cooked the books in those companies are criminals - they broke the law plain and simple.  I don't think we'll see many more high-profile incidents like those two - I could be wrong but I do think that the majority of companies are honest and report honestly.  Of course that's pretty boring so we don't see headlines like "Wal Mart reports honestly - again!" across the front pages of newspapers and on TV.

 

Best Regards

 

Ben Dutton

 

----- Original Message -----

From: Morgy

To: sharechat@sharechat.co.nz

Sent: Friday, June 28, 2002 7:39 AM

Subject: [sharechat] Ben - market timing

Ben

 

Would you not agree that this is exactly the time that these things come out ? You would of course recall the collapse of Equitycorp & a few others soon after the 87 crash put the heat on these guys. The linked article you posted was a good indication of where wall street is at, plenty more bad news to come.

 

 

Morgy

 

 

----- Original Message -----

From: Ben Dutton

To: sharechat@sharechat.co.nz

Sent: Wednesday, June 26, 2002 5:54 PM

Subject: Re: [sharechat] Quick competition- how far dow fall today?

Nick,

 

I do agree with you that the Worldcom fiasco is rotten timing in such a skittish market - I'm sure the short sellers will be out with their knives tonight in the US.

 

Check out this Herb Greenburg commentary on the situation:

 

http://www.thestreet.com/funds/herbgreenberg_up/10029041.html

 

Ben Dutton

 

 

----- Original Message -----

From: lippy

To: sharechat@sharechat.co.nz

Sent: Wednesday, June 26, 2002 3:52 PM

Subject: [sharechat] Quick competition- how far dow fall today?

   Worldcom accounting problems could not of arrived at a worst time, today was already being predicted as being very poor , now the market decline could accelerate.

  I will start with a bearish prediction that the DOW willbe down 350 points at close.