Game Over Sino Forest, After Globe And Mail Investigation Confirms Company Is A Sham

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Sat, 06/18/2011 - 12:01 | 1380168 ZeroPower
ZeroPower's picture

Here here G&M, as well as MW.

Anyone pickup any of the action? Hadn't touched any TRE//SNOFF myself.

Sat, 06/18/2011 - 12:17 | 1380198 fellatio is not...
fellatio is not fattening's picture

This may be the straw etc etc.  HOWEVER looking at Paulson's top 20 holdings as of 2/14/11 he had NO Sino shares, here is the link to the holdings, if someone has a different link please post...thx

Sat, 06/18/2011 - 13:08 | 1380336 Cheeky Bastard
Cheeky Bastard's picture

Latest 13F (filed 5/16, for the period of 1/1-3/31), no Sino there, either.

Sat, 06/18/2011 - 13:06 | 1380340 Cheeky Bastard
Cheeky Bastard's picture


Sat, 06/18/2011 - 15:16 | 1380750 walküre
walküre's picture

Looked at it. Liked the volume. But too much noise, too volatile to predict either way.

Stayed out of it.

RIM however.. I can understand tech and opportunity. Up and down. :)

Sat, 06/18/2011 - 12:13 | 1380196 Roger Knights
Roger Knights's picture

I seem to recall that Paulson's big-successful call was due to an employee, not primarily to Paulson himself. This employee quit about 18 (??) months ago to work for an outfit on the West Coast. (His name ended in an "i", I think.) I saw him on a TV interview snippet posted on the web--he seemed modest and astute.

Sun, 06/19/2011 - 15:57 | 1382914 dognamedabu
dognamedabu's picture

Hank knew that the BIS was going to dry up credit. He ran some numbers through his big bald head and it outputted - the housing market will crash. 

Sat, 06/18/2011 - 12:23 | 1380213 snowball777
snowball777's picture

Billions of roaches will scurry when the lights go on...

Sun, 06/19/2011 - 22:37 | 1383643 Zero Govt
Zero Govt's picture

chuckle ;)

Sat, 06/18/2011 - 12:23 | 1380223 chartcruzer
chartcruzer's picture

Exposing government and market fraud in the BOLDEST fashion is the only way to win back liberty and sustainability.  We have crushed the prosperty of our children by allowing this class of economic/market fraud.   These companies should have NEVER been listed on the exchanges to start with.

note: needs a few updates,,,  will do shortly.

Consider this![s235939273]&disp=P

and this[s206018187]&disp=P


Sat, 06/18/2011 - 12:31 | 1380237 Bindar Dundat
Bindar Dundat's picture

Listed on the TSX.  I have to admit that my Countries been a sucker for fraud listings for a long time . Anyone remember Bre-X ?


Sat, 06/18/2011 - 12:48 | 1380278 The Profit Prophet
The Profit Prophet's picture

Now that was a great story....filled with greed, hubris, and fraud - and with the hollywood twist of the head geologist and witless fallguy being "suicided" from a helicopter.  A microcosm of our entire financial system....

T.E.I.N. everyone!

Sat, 06/18/2011 - 13:49 | 1380477 Extremist Tan
Extremist Tan's picture

Yes - reverse-merger companies from Canada are legendary:  many of them are laughable on their face, if you just read the prospectuses, which few investors (solicited via junk fax, webscams, boiler-room cold calls from Long Island or South Florida) ever read or understand.  Add to that the incredibly opaque financial reporting on See No Forest and the inability of investors in the Western Hemisphere to do meaningful diligence, and you can see what a coup this is for MW.

Sat, 06/18/2011 - 15:18 | 1380755 walküre
walküre's picture

I remember the Bre-X scandal.

One of many stock frauds.

The question is when are investors going to learn?

Sat, 06/18/2011 - 15:40 | 1380813 Pegasus Muse
Pegasus Muse's picture

Chart, great piece.  The Crash of the US Empire is the kind of material you can send to friends and family that are still clueless.  It's short enough they shouldn't get too bogged down yet loaded with references if they want to dive in deeper.  Thanks! 

Do you have it PDF format?

Sat, 06/18/2011 - 12:27 | 1380227 MiningJunkie
MiningJunkie's picture

So Paulson outsmarted everyone by dumping TRE??? That makes sense - he probably orchestrated the pump in order to execute the dump some time back north of $20. Unless of course ZeroHedge can confirm that Paulson actually still owns it, in which event you may totally disregard this post.

Sat, 06/18/2011 - 13:09 | 1380351 The Profit Prophet
The Profit Prophet's picture

Couldn't have happened to a nicer guy.....karma for Abacus....what goes around comes around!

T.E.I.N. everyone!

Sat, 06/18/2011 - 13:08 | 1380321 The Profit Prophet
The Profit Prophet's picture


Sat, 06/18/2011 - 12:35 | 1380242 GeneMarchbanks
GeneMarchbanks's picture

Poor JP, I hope his GLD holding works out...

Sat, 06/18/2011 - 13:49 | 1380451 casey13
casey13's picture

This is a far more complex issue because the reporter is confusing land ownership with tree ownership. Sino has many agreements where they have long term lease agreements with the owners. They own the trees and not the land.

Susan Mallin has prepared a comprehensive rebutal of Muddy here.


Sun, 06/19/2011 - 09:34 | 1382279 casey13
casey13's picture

Carolyn Wheeler - The writer of the G&M article. Integrity problem?

Readers of Toronto’s Globe and Mail, Canada’s newspaper of record, got a different version than the rest of the world of this week’s summit meeting between Prime Minister Ariel Sharon and Palestinian Authority Chairman Mahmoud Abbas.

According to Globe and Mail reporter Carolyn Wheeler, the meeting took place in “Mr. Sharon’s flag-draped residence in the Muslim Quarter of Jerusalem’s Old City,” on “disputed home turf.”

In fact, the meeting was held at the prime minister’s residence in the Rehavia neighborhood of the capital, where there is no dispute over sovereignty.

Wheeler then waxed for two paragraphs about the alleged site of the meeting: “Mr. Sharon’s purchase of the stately Old City stone home in 1987, and the subsequent removal of its Arab tenants, created great controversy at the time. The building is now rarely used, but it is still under heavy guard and remains a stinging symbol for Palestinians struggling to hold onto Arab neighborhoods in East Jerusalem.”

After outraged readers pointed out the error, the Globe and Mail issued a correction. “Obviously, it’s a very embarrassing error,” said Guy Nicholson, the newspaper’s interim foreign editor. “We asked her for some background about where the story location was. Unfortunately, she was not actually at the scene of it. She wrote it off of television and wires.”

Dov Smith, executive director of HonestReporting Canada, which tracks Canadian media for anti-Israel bias, questioned how the reporter was able to describe participants in the meeting as “grim-faced” – a phrase that appeared in the article – if she wasn’t actually there.

“We believe Carolyn Wheeler’s reporting is inconsistent with the standards that the Globe and Mail wishes to maintain,” Smith said.

Wheeler, a freelancer who is married to Mark MacKinnon, the Globe and Mail‘s full-time Israel correspondent, recently moved to Israel with her husband. Nicholson said the paper is “generally very trusting with her and pleased with her work.”

“This was a very tangential element of the story,” Nicholson said, pointing out that the error was limited to two paragraphs “very, very deep in the piece.” In fact, the error also appears in the second sentence of the story, which was 16 paragraphs long.

“This is such a closely watched issue that it’s getting a little bit blown out of proportion, to be frank,” Nicholson said. “I certainly understand the nature of why this was wrong, but we did immediately correct the error and she was mortified at having made the mistake.”

Sat, 06/18/2011 - 14:13 | 1380567 JuicedGamma
JuicedGamma's picture

F you Paulson. I hope the redemptions come thick and fast. Letting that poor little Italian boy take the fall for Abacus is why you and the squid deserve what's coming.

Sun, 06/19/2011 - 11:52 | 1382496 gmrpeabody
gmrpeabody's picture

Was he not French?

Sat, 06/18/2011 - 14:59 | 1380709 PulauHantu29
PulauHantu29's picture

My brother worked for a rating agency as a stock analyst trainee in the 1960s and his section head told him NEVER, EVER do your final report without visiting the company and talking to at least...three top management people to "get a feel" for the people and the physical plant. He emphasized not to rely on numbers they feed them alone.

Too bad few analyst do their DD these days...ENRON, Worldcom, etc and these recent Chinese company shams are a good example of how poor analysis is these days.


His retired opinion now...DO NOT rely on "expert advice" or the SPIN from MSM your research as thorough as possible and still look for fundamentals. They may seem irrelvant now with the Fed montezing, TARPing, Bailing, etc...but in the long run solid company fundamentals will be the safest bet...I think he is on to something...fundamentals....mmm...more people should give it a try.


Sat, 06/18/2011 - 15:14 | 1380743 walküre
walküre's picture

G&M hitpiece on TRE?

They better have a solid legal fund and legal team standing by.

Sat, 06/18/2011 - 22:08 | 1381632 keepmydollar
keepmydollar's picture

They only need a legal team if TRE files suit.  And second is what jurisdiction would they file suit?  You really think the Chinese want to expose any more light to how they are stealing wealth from around the world.

Sat, 06/18/2011 - 15:44 | 1380841 Hondo
Hondo's picture

You don't need a legal fund when telling or exposing the truth

Sun, 06/19/2011 - 11:57 | 1382504 gmrpeabody
gmrpeabody's picture

You're not from these parts, are you?   ;- )

Sat, 06/18/2011 - 16:27 | 1380930 if
if's picture

 Being an unregistered self employed analyst, he has not pledged to follow the analysts’ code of ethics or disclosures.


LOL, what insight.  I'll bet Susan Mallin is a real Hoover, probably swallows too.

Sun, 06/19/2011 - 16:49 | 1382987 AgShaman
AgShaman's picture


Sino Forest theme song:

Do NOT follow this link or you will be banned from the site!