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Readers reviews of Rich Kids
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This is an entertaining read for those who do not still own OneTel shares. It is also an important read because it deals with what has become the defining corporate malaise of the late 90’s which has lead to so many corporate crashes. Barry outlines the consistent failure of the press, of financial analysts, and others to really come to grips with the rubbery figures that were published by OneTel.

Many investors rely on this type of fundamental analysis to understand the risk involved in their investment decisions. As traders, we have always been skeptical of these figures precisely because they can be so easily massaged in so many different ways and still remain within the legality of accounting and taxation rules. Our lack of faith has been justified as irregularities have been exposed in Enron, HIH Insurance and other companies.

This is where this book is at its most interesting. Barry details the confusion created by company reports, by accountant reports, and by internal data collection procedures that were not properly audited. He highlights the areas of concern that should have been raised by analysts at the time the information became available. Instead, much of the press and the analysts community accepted what they were told at face value.

The book also highlights the inability of the regulators to understand what was happening, or to take effective action to ensure market integrity and to protect shareholders. OneTel is one of the larger causalities. Unfortunately, the story is distressingly similar to that played out in many smaller listed companies. This is an instructive book.



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