Tuesday, November 20, 2012

HP is no Harry Potter

HP Sauce © fintag

News comments:
In the last 5 years, two events stick out: the collapse of Lehman and Madoff.

The collapse of an Investment Bank was bad enough but a ponzi scheme of epic proportions seemed to signal all that is wrong with greed.

Today, of course, these headlines would hardly register a mention. With the regulators on speed, the useless and crooked are being exposed faster than a BBC witch hunt. With HP saying its got to write off nearly USD9 billion (ft) and the guilty verdict handed to UBS gambler Kweku Adoboli (bbc), America on verge of massive fiscal cliff, JP Morgan's impending fraud investigation re Bear Stearns (bbc), the list goes on and on ...

Now the HP fraud, sorry fcuk up, is quite staggering. We all know sellers like to tell small white lies but when the likes of KPMG have audited the accounts, one assumes they can add up. Autonomy is an odd company though - I know it has lots of clients (its website says it has) like the CIA and Scotland Yard, but I have never come across anyone who has ever used it?

It all seems to smack of AOL or ABN AMRO: over valuation. But then again what does HP do these days? I bought a laptop from HP and it blew up. HP seems to be on the way out and its shareholders must be wondering why its management is so useless.

All this frustration makes you want to riot. So tomorrow I shall watch some others doing it on my behalf as some debt laden students let off steam #demo2012. Well its that time of year and well why not? (NUS)

Today's shorts:
Spreadbetting Libor (reuters)

UK to cull those over 65 (telegraph)

Today's longs:
Deluded man looks forward to Fiscal Cliff (bloomberg)

Gossip:
Facebook to be probed on number of active users.



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