John Ward April 12, 2012 How FT got it a bit wrong on banco-espirito-santo

Banco Espirito Santo: a Portuguese bank on its last legs. And a Financial Times living on its laurels.

Portugal’s Banco Espirito Santo shares plummeted by 15% after it announced plans to raise €1B in capital through a rights issue.

The offering price is set at a 66% discount to the closing price yesterday [Wednesday].

That is a very desperate bank.

But this is what the FT wrote six days ago:

‘As of Apr 06, 2012, the consensus forecast amongst 14 polled investment analysts covering Banco Espirito Santo SA advises that the company will outperform the market.’

Hmm. Another reason why I won’t be renewing my FT subscription this year. Note the pompous proclamation one gets when quoting from FT ‘analyses’:

‘High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail.’

Oooooooh.

What a joke.

17Comments

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1

The HOVIS Trader on April 13, 2012 at 10:10 am

You’ll never find accurate detail reference investing via the media – the people that peddle this news info out don’t understand the markets.

It why days and weeks before a country going bust you’ll hear all the positive stories and then bang – bust.
It’s why just before a bank hitting the wall everything is great and then bang.

To be fair it’s not the media’s fault – all they are doing is pushing a story they believe and think is trustworthy – the real culprit’s are the one’s that let the story run, knowing the real truth. These people are the politicians, government aides etc and company owners – ALL will lie through their teeth until they have no choice but to accept and acknowledge the real truth.

For starters check out – The statements on Irelands economy in the run up to it blowing up[, the Greece debacle (still on going!), Northern Rock, UK Phone Hacking scandal, MP’s expenses….

I’ll stop their as it’s making me angry just thinking about it – One thing I am pleased about though – I go out of my way not to support those that do wrong.

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2

Dave in Penela on April 13, 2012 at 8:47 am

Thanks for that, John. I was going to transfer my account there because I liked the name. I won’t now!

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3

shaftedagain on April 13, 2012 at 8:16 am

Spammer and link just above

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4

Saloon-door on April 13, 2012 at 6:57 am

I cancelled my FT subscription 2 days ago . Lots of nonsense , alot of it well written but wrng nonetheless . Certainly not worth paying for .

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5

Professor Metwetwe jnr on April 13, 2012 at 6:10 am

and he shops in M&S

You and me
we like to buy a line
and a good wine
with less stress at M&S

Kind regards my friends and have a good day..
tiddly tiddly tum tum

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6

Robin Banks on April 13, 2012 at 5:54 am

and he’s on Russia Today
http://rt.com/programs/keiser-report/episode-274-max-keiser/

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7

am213123yroscoe on April 13, 2012 at 12:36 am

He’ll be on XFactor next week ;-)

http://qr.net/ipe2

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8

Bankrupt Taxpayer on April 12, 2012 at 11:53 pm

He’ll be on XFactor next week ;-)

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9

Bankrupt Taxpayer on April 12, 2012 at 11:51 pm

“Pai, Filho e Espírito Santo”

Você me chamou? ;-)

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10

semiramis on April 12, 2012 at 11:42 pm

Sorry, it’s «Pai, Filho e Espírito Santo»! Anyway, nowadays you can’t be sure about anything anymore… :/

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11

Viking Jack on April 12, 2012 at 10:24 pm

You really are getting around these days John –

http://www.pi-news.net/2012/04/liebe-fr-lieber-tagesspiegel/#more-248980

then scroll down to comment Nr. 52 for the link back to

“EXCLUSIVE: TURKS TO GET SAME RIGHTS IN EUROPE’S ECONOMY AS EU RESIDENTS”

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12

YourPublicLiability (@YourLiability) on April 12, 2012 at 9:21 pm

Clever and apposite, Mr Ward.

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13

Bill Casso on April 12, 2012 at 9:16 pm

I going to transfer my money to the Filho Pai e Espirto Santo Bank. I think it will be safer there.

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14

ryckki on April 12, 2012 at 8:17 pm

They are desperate.

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15

Bankrupt Taxpayer on April 12, 2012 at 7:31 pm

“a Poruguese bank “? At least it’s not a Portuguese bank!

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16

kfc1404 on April 12, 2012 at 7:29 pm

Lies, lies and more lies, have I mentioned this before? I think maybe I have mentioned scumbags somewhere in my comments…..

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17

Harold Rosario on April 12, 2012 at 7:26 pm

Mind you I thought that UniCredit was going to go the way of the dodo a long time ago but it is still there struggling along. Probably needs a wooden stake through its rotten heart or something but the truth is that it is ….Too Big To Fail.! Come on down taxpayers of Italy, Austria and Germany!!!!

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