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If you’re one of the select (few) readers of this blog, what you usually find here are posts that focus on the negative.
Misrepresentation of financial statements, questionable business strategies, other frauds and fakes, financial and economic fairy tales and the like.
That certainly is a “field” offering multiple opportunities to comment.
As the picture above indicates, today it is time for something completely different.
Some kudos to The Financial Times and the no doubt underpaid journalists who work there.
A bit of context.
Overall journalism ain’t what it used to be.
And since it was never perfect, that’s quite a disappointing development.
Some basic “have to’s” are often missing.
A breathless review of an exhibition that omits what in the past would have been basic facts: where, when, cost
Other sloppiness that misses the "meat" of the story.
More seriously is the substitution of mindless partisanship for reporting. The intrusion of the editorial page into the news columns.
The FT is welcome respite from these two frequent lapses.
Some examples to make the case: NMC UAE, Wirecard, H20.
First, there is the uncovering of the basic story.
Second the pursuit of the story despite pressure.
Dan McCrum’s experience on the Wirecard story is instructive – working from a windowless office at FT central on an air-gapped PC.
It is not the only case – NMC is another -- where external pressures were ignored.
Third rigorous smart in-depth analysis.
The report doesn’t stop at the surface of the story but goes into detail.
It seems that often the chips are allowed to fall where they should.
Did a “hero” in the Wirecard case have a less “heroic” role in related case in Mauritius? Dan McCrum and Olaf Storbeck report it.
Or BondHack and Cynthia O’Murchu digging through filings at EMCR and discovering that NMC had pledged assets (future credit card A/R).
Something apparently unknown to folks who might be presumed to have a more serious interest in this disclosure.
“Folks” like equity investors or providers of funds -- other than ADCB.
Fourth, a global network that allows input from journalists around the globe to round out the story with local insights.
Simeon Kerr weighing in on Wirecard from the UAE.
Is the FT perfect?
No, but it’s very good.
Disclosures:
- No shareholding in companies related to FT.
- No compensation for this article.
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