Hi AmerYou are so right.The ASX needs to look hard at its rules....

Hi Amer

You are so right.

The ASX needs to look hard at its rules. Easy for them to create a secondary listing for the highly speculative companies where by virtue of the fact they are there is sufficient warning.

Probably will not happen but they need to address this. Abuse is everywhere but it also runs with the banks who loaned money to these people to fund their option take-ups and additional holdings until everything started looking risky. Banks simply withdrew the credit support and it all collapsed.

They ended up owning shares they would not have even been able to even comprehend the potential and value of. So they dumped them in spades undercutting their own security. God knows how these idiots keep their jobs, Daddy must have influence.

Worse still I understand some of them 'lent' their shares to people who shorted them thus destroying the security of their own clients. This is the best kept secret of the collapse.

Who was the guy at Decca that told the Beatles they were not up to scratch? Had a Scots name. The boys went to EMI and the rest is history.

When I read ads telling me banks look after customers I laugh. Banks look after themselves. Next in line are other banks in case anyone rumbles the cartel. Customers are probably somewhere behind the unions, the landlord and the MD's mother-in-law.

Customers are the dumbest participant in the whole schemozzel.

All power to the NZ IRD for nailing some of them here on tax evasion.

Banks with help from oil companies run the world and let the pollies pretend that they do.

Kind of drifted from the point here but it is this laissez-faire regulation that allows people like the controllers of CTO to do what they want without question. Needs to be terminated with some accountability and audit (not a tame CA, but the ASX). Will it happen?

As we say in NZ: "Yeah, right!"