susana

Ashwin Wrote:
-------------------------------------------------------
> ih8studying Wrote:
> --------------------------------------------------
> -----
> > Well Muddy Waters did bring down China Media,
> > which was audited by one of the big auditors...
> in
> > no way are audited financial statements 100%
> > foolproof. As an analyst, you're supposed to
> > 'interpret' these Financial statements right?
> >
> > On a side note, I thought the Muddy Waters
> report
> > was interesting, although they 'do' lose
> > credibility when you spot spelling mistakes.
> >
> > Tried to purchase some puts today, my goodness
> the
> > spreads are interesting. What's even more
> > interesting is the calender spreads on them...
>
> E&Y audited the Indian fraud company Satyam
> Computers too. I think E&Y is quickly becoming
> Arther Anderson.
> There are many big companies in India that are
> also borderline fraud but they all grease their
> crook politicians' and bureaucrats' palms so they
> are safe. I have this feeling that there will a
> major blow up in this whole emerging market mania
> sometime soon because these companies are so
> difficult to trust and value due to extremely poor
> corporate governance system and rampant corruption
> in their native countries.


Correction - it was PWC -- not E&Y