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Porsche was booted from the Frankfurt exchange's index of mi

Daily newsbrief journal for May 2004, also see http://www.usdemocrats.com/brief for a global 100-page perpetual brief and follow twitter @usdemocrats


Porsche was booted from the Frankfurt exchange's index of mi

Postby admin » Thu Jan 26, 2012 7:42 am

Date Posted: 23:47:57 01/25/04 SunAuthor: do you wonder why james dean died?Subject: Re: Porsche was booted from the Frankfurt exchange's index of midsize companies because it refused to publish accurate financial reportsIn reply to: kevin 's message, "Re: Porsche Bails on NYSE listing cuz it doesnt want to disclose financials which will show its war profiteering racket" on 23:45:57 01/25/04 SunThat requirement has angered some executives in Europe. German carmaker Porsche AG, for example, has scratched its plans to list its shares on the New York Stock Exchange because of the certification rules, Bloomberg News reported.Porsche was booted from the Frankfurt exchange's index of midsize companies because it refused to publish accurate financial reports. Non-U.S. companies don't have to report earnings quarterly under NYSE rules. Porsche CEO Wendelin Wiedeking has said that quarterly reports are too costly and don't accurately reflect the state of a business. Instead, the maker of really fast cars publishes financial reports at a more-leisurely pace: twice a year. Depending on the number of shares a company has, a NYSE listing can cost from $150,000 to $250,000. According to Bloomberg, that's only roughly half the $400,000 retail price of a single Carrera GT.Porsche isn't the only German company to register its dissatisfaction with the new regulatory regime in the United States. BDI Industry Association, a German trade group, has sent a letter to the SEC expressing its concerns that some of the U.S.'s new auditor-independence provisions may run afoul of German laws requiring supervisory boards to include employee representativesSome of the best-known names in German business have chosen not to sign the letter, however. CEOs at Deutsche Bank, Siemens, Schering, and Celanese all decided against signing. http://www.cfo.com/article/1,5309,7573|16|||,00.html
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