the dog is dead, page-3

Being one of the employees of Poltech who are now owed money I know a little bit about these blokes. Have a look at the long history of John Nissen and Peter King, it makes for interesting reading.

I've learned a lot about how people make a living out of suckering the masses into buying shares in an idea. It's very important to note that I'm not saying this is what the above named have done. They are honest and hard working individuals above reproach in every way.

The list of steps following has no relationship with their business lives.

They would NEVER do the following:

1) You come up with an idea that seems feasible (techs did well a few years ago but nowadays biotechs will do or maybe mining explorers).

2) You put out a prospectus and get some "credible" people on the board. Academics with PHDs are good because they bring prestige to what you're trying to sell and they'll have no idea what you're doing in the background because they know nothing about money. They'll just love the director's fees and the big office and the feeding of their egos.

3) You make the prospectus glossy and emphasise your many years at the helm of many listed companies. You don't mention that all those public companies went down the tubes. You don't mention that you were disbarred as a lawyer for dishonest practices or anything like that.

4) When the suckers start sending their cheques for the IPO the party begins.

5) Now with the shareholders' money you get fancy premises, you get cars, international travel (factfinding and sales etc), you ofcourse collect director's fees, you direct business to your mates for everything you spend and they look after you in return. You may even invite them onto the board in exchange for you being on their board.

6) Pretty soon the money's running out so you need to do another share issue. Existing shareholder's will gripe and groan but ofcourse you've got 40% of the company between you and your mates and with proxies from the apathetic shareholders what are the whingers going to do to stop you?

7) When the new funds come in, the party continues until they start running out as well, then you can try for another share issue or you can start resigning from the board to distance yourself from what's coming. You make sure that the CFO and you have no written communications where it can be proven you knew what was happening (plead ignorance at all times, they lied to me!)

8) You get as much credit as you can. You run up bills everywhere. Have a party on the credit cards! The banks will back listed companies for a very long time.

9) The employees will keep their mouths shut through it all because you keep them afraid of losing their jobs (ha ha, losers!). Even if one of them pipes up what does ASEC ever do about trading whilst insolvent?

10) The inevitable happens. It all collapses. You've come out of it with millions in director's fees, travel, cars, five star accomodation, conferences etc. Your mates owe you a lot and you've got an idea for another prospectus. The only losers are the banks, the creditors, the employees, and the shareholders.


It's a great life in the white collar corporate world. Nothing is prosecutable and even if they try it takes YEARS and YEARS. By then you're old and you've got some sort of illness. Brain tumours are good ones to fake and you claim that prosecution is pointless as most likely you'll be dead in months (that gets lots of sympathy). You ofcourse have made LOTS of friends in the government and the judicial system over the years. If you've been lucky enough to be Kerry's mate then you're set, no one can touch you.