"No warning can save people determined to grow suddently rich" - Lord Overstone

  • 13 hours Is This The Death Of The iPhone X?
  • 14 hours Is London Still The Financial Capital Of The World?
  • 15 hours Is Gold Staging A Comeback?
  • 16 hours The $200 Million ‘Golden Parachute’ For Rupert Murdoch
  • 17 hours Bitcoin’s Breakout Is Not As Bullish As it Seems
  • 19 hours Farmers On Edge As Trade War Hits U.S. Grain Shipments
  • 21 hours Is Silver Poised For A Massive Break Out?
  • 2 days Meet The Hedge Fund Billionaires Club
  • 2 days The Next Housing Crisis Could Be Right Around The Corner
  • 2 days Cartel's, Pirates And Corruption Cost Mexico $1.6 Billion Per Year
  • 2 days Africa’s Fastest Growing Economy
  • 2 days The Blockchain Boom Hits The Utilities Sector
  • 2 days Why Smart Money Is Selling Off Right Before The Bell
  • 2 days Tech Giants Rally Ahead Of Earnings Reports
  • 3 days Global Debt Hits 225% Of GDP
  • 3 days The World’s First Trillionaire Will Be A Space Miner
  • 3 days How Student Debt Could Cause The Next Real Estate Crisis
  • 3 days This $550 Billion Industry Is Betting On Bitcoin
  • 3 days One Commodity Set To Soar On Russian Sanctions
  • 3 days China’s New Car-Market Rules
3 Stocks to Watch This Earnings Season

3 Stocks to Watch This Earnings Season

Stocks began Friday with a…

Is This The Death Of The iPhone X?

Is This The Death Of The iPhone X?

Apple’s stock has slipped more…

Carson Block of Muddy Waters: Sino-Forest stock is a 'zero'

Carson Block of Muddy Waters Research spoke to Bloomberg Television's Julie Hyman this afternoon regarding Sino-Forest.

Block said that he was "certain" on Sino-Forest when he first called the company a fraud and that he still holds a short position because the stock is a "zero."


Courtesy of Bloomberg Television


On today's moves by the Ontario Securities Commission against Sino-Forest:

"The important thing here is that they suspended the stock. This way, investors are not going to make uninformed decisions. In terms of the Allen Chan and the executives, their day will probably come. But for the time being, investors will not be paying $6-7 a share for this stock. That is the good outcome."

On whether he feels he's been vindicated:

"When we published, we were certain. You do not call a company a fraud unless you know it is a fraud. We expected that eventually, we expected the wheels of justice would turn. I think they are turning at quite a nice clip at this point. In the meantime, we did take some arrows, but this is the game. The important thing is, from this point forward, I do not think investors are going to risk losing any more money on the stock."

On whether he believes there's a disconnect between the regulators in Canada and in the U.S.:

"That is an interesting question. I think the issue is that in the U.S., the stock trades the pink sheets. Were it listed on the NYSE or NASDAQ, it would probably be an agreement that would kick in whereby both sets of regulators would suspend it. That is my understanding but I think it is a little bit situation by situation."

On whether he's still short on Sino-Forest:

"Yes, we are still short. As I've said before, it's a zero. We will stay short."


Back to homepage

Leave a comment

Leave a comment