“Even more damning than our initial report”: Carson Block of Muddy Waters.
The bushfires were just the latest problem: The slump started well before them and also affects states unaffected by them.
Shares plunged 20% on the spot, and are down 44% in nine months.
Situation already so bad that hiding debt becomes a priority?
This “crack cocaine for CFOs” was also extensively used by Carillion until it collapsed.
Use of this financial instrument has ballooned. No one knows to what extent because there’s no disclosure. But it was a “key contributor” to the sudden collapse of outsourcing giant Carillion.
Two large British outsourcers are also on the verge of collapse, and the vultures are circling.