China MediaExpress Holdings, Inc. (fka CCME)

[gunnar]

Did Zheng Cheng defraud Hank Greenberg by faking $90 million in earnings, right under his nose, while his rep sits on the board? And they also hoodwinked Deloitte? That's laughable.

The problem with all of these hits is they attempt to prove their biased assumptions without asking the company for any information. A question put to the company about the number of buses could be replied to with a simple explanation, an updated spreadsheet for example. If some bus driver isn't complying with his own company's mandate to play the CCME ads, CCME's reply would be 'Thank you for notifying us' followed by a stern call to the bus operator to get his drivers under control. For all we know, MW was the passenger that brought the bus driver a DVD to play, maybe along with a small bribe.

The bottom line is the bottom line. We'll see what the earnings will say. I don't believe that Starr, Deloitte, Nielsen and CTR were all fooled, and so far everything WCTBills has found (and documented) does not square with MW's attack piece.

I know this isn't Hank Greenberg's biggest investment, but he lost a lot of money today and I doubt he isn't going to take some steps to get it back.