T E A M
whats the verdict? Long term capital management, Nick Leeson or Enron?
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The management should have announced the problem earlier. The amount lost is greater than its total revenue!
Some heads must roll. They gambled with public's money and I think they should pay back the losses.
Some years back another company loss big time is currency speculation.
SGX must implement a new ruling, listed companies must announce to the public any changes/new business that will affect their balance sheet by 10%.
Secondly, listed co. are not allowed to take on speculative position unless it is the nature of the company.
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