so they got rid of the problem but..., page-20

re: so they got rid of the problem- alpha Hi Alpha ... you are absolutely correct ... fundamental analysis is only as good as the data input ... garbage in .. garbage out.

The fallout of Enron and the dodgy/conflicts auditors etc saw many US corporations with fictitious earnings and rubbery balance sheets.

The single major critisism of the AMP for decades is the arrogance with which it repeatedly concealed the truth of it's accounts.

AMP management have repeatedly gone to the Market with information that was clearly at odds with the financial truth.

E.G. Batchelor reported a $400million profit for UK business and three weeks later Mohl took over and reported a $1.6billion write-down and fired over 1000 employees.

Regulators/watchdogs have for years been 'out-to-lunch' as AMP became unrestrained in it's private briefings/efforts to conceal disappointing performance.

The smoke and mirrors numbers over time concealed disastrous offshore acquisitions which it needed to make as the AMP business model was not sustainable in a deregulated financial environment.

Heavyweight Merrill Lynch forecast $5.8billion loss for FY03 and has valued AMP last week at $4.00.

Cheers ... good luck to all holders.


This is only my view ... read the red stuff.