Chuck Bao
2/29/2008, 09:29 AM
I got an email today from one of my colleagues. This is a rough translation.
Listen up everybody, there are lots of negative rumours out there:
1) The current central bank governor will be sacked.
2) The newly-appointed governor will immediately lift capital controls on foreign fund inflows.
3) The newly-appointed governor will immediately cut interest rates.
4) The newly-elected government will immediately cut the corporate tax rate.
5) The military-ousted prime minister will be named as an economic advisor to the newly-elected government.
But, we don’t believe any of the above rumours are true. Still, SELL while you got the chance.
This email was not sent to just me, but to senior management, board of directors and the 600 marketing officers throughout the country that may not even read it, but have a regrettable tendency to just forward anything on.
Those stupid rumours were given credence by a mid-day announcement by the central bank of a press conference to be held at 4:30pm, just as the stock market is closing. And, it is a Friday, a traditional day for bad or market moving announcements.
I was so like: “Dude, you jackass, you can’t do that!” The Securities and Exchange Commission is smart enough to figure out that there is little difference between sending out rumours with the caveat that “it may not be true” and knowingly spreading gossip. If it can be proven that you know it isn’t true, it’s a criminal offense.
My solution was to put disclaimers on my colleagues emails and say that they aren’t meant to be distributed outside the company. I’m not sure that works. Lawyers? I somehow think I’ve done this thread before. Anyway, if I was so drunk and didn't catch it, was there a ruling on this?
And, I’ve just realized that I’ve probably just committed a criminal offense by spreading those stupid rumours in a no-you-didn’t way.
Please start your own rumours here and it will take some of the focus off this incredibly dumb and possibly criminal post.
Oh, the central bank did announce that it was lifting capital controls.
Listen up everybody, there are lots of negative rumours out there:
1) The current central bank governor will be sacked.
2) The newly-appointed governor will immediately lift capital controls on foreign fund inflows.
3) The newly-appointed governor will immediately cut interest rates.
4) The newly-elected government will immediately cut the corporate tax rate.
5) The military-ousted prime minister will be named as an economic advisor to the newly-elected government.
But, we don’t believe any of the above rumours are true. Still, SELL while you got the chance.
This email was not sent to just me, but to senior management, board of directors and the 600 marketing officers throughout the country that may not even read it, but have a regrettable tendency to just forward anything on.
Those stupid rumours were given credence by a mid-day announcement by the central bank of a press conference to be held at 4:30pm, just as the stock market is closing. And, it is a Friday, a traditional day for bad or market moving announcements.
I was so like: “Dude, you jackass, you can’t do that!” The Securities and Exchange Commission is smart enough to figure out that there is little difference between sending out rumours with the caveat that “it may not be true” and knowingly spreading gossip. If it can be proven that you know it isn’t true, it’s a criminal offense.
My solution was to put disclaimers on my colleagues emails and say that they aren’t meant to be distributed outside the company. I’m not sure that works. Lawyers? I somehow think I’ve done this thread before. Anyway, if I was so drunk and didn't catch it, was there a ruling on this?
And, I’ve just realized that I’ve probably just committed a criminal offense by spreading those stupid rumours in a no-you-didn’t way.
Please start your own rumours here and it will take some of the focus off this incredibly dumb and possibly criminal post.
Oh, the central bank did announce that it was lifting capital controls.