Thursday, September 18, 2003

BusinessWeek says Sorry

Just read today's headline news - Business Week's managing editor, Robert Dowling, apologised to Dr. M for the 'rude and threatening' letter written by Singapore based correspondent Michael Shari.
Sometimes correspondents would go down to the depths to get an interview but this is the pits. As if Dr. M would be scared.
I am all for good corporate governance, transparency, justice etc. etc. but these Mat Saleehs need to look at their own backyard before commenting on other people.
They have been criticizing us blah! blah! blah! but look at the World's biggest corporate accounting scandals - Enron, Arthur Andersen, WorldCom, etc. the list goes on.
According to an article by Dr. Bryan Taylor, President of Global Financial Data.
"On December 2, 2001, Enron filed for what was then the largest bankruptcy in US history at $63 billion. This was followed by bankruptcy filings from Global Crossing ($25 billion) and Kmart ($17 billion) in January 2002, by NTL, Inc ($17 billion) in May, by Adelphia Communications in June ($24 billion), and by Worldcom ($104 billion) in July, the largest bankruptcy in history. The year ended with more bankruptcies from United Airlines ($25 billion) and Conseco ($61 billion) in December. Seven of the twelve largest bankruptcies in US history are currently winding their ways through the courts.
He continues "Revelations of the deliberate misreporting of profits by corporations, over $9 billion from Enron alone, the discovery that analysts provided positive recommendations for companies they privately derided in order to increase their company’s profits from investment banking, the news that Wall Street firms gave away IPO shares to corporate executives, and dozens of other immoral and illegal practices destroyed what little faith in corporate America the investment public had."

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