You can't fight city hall.
In the process of explaining his recent takedown of Singapore-based Olam International, Muddy Waters founder Carson Block admits that his firm is no longer focusing on Chinese stocks due to the Chinese government's complicity in the various and sundry accounting frauds perpetrated by Chinese companies. He admits that there's no sense in uncovering corporate fraud when the government is just going to erase all the evidence anyway.
Lucky for Muddy Waters and their clients, there are crooks and morons in accounting departments worldwide. Block covers a lot of ground in this interview and I have to say that he is looking really polished these days (compared to his almost manic paranoid appearance during the Sino-Forest debacle). He has some great insights on short selling, and he bolsters his claims against Olam by asserting that they're willing to go to court to defend their research. This is good stuff.
Thanks Eddie.
interesting video - thanks
China, the whole fucking country is such a fraud. They do not know anything but to lie, cheat and steal. Did you see the video of their first carrier landing? I swear the moves that the people on deck were rehearsed by looking at Top Gun.
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