Carson Block is my kind of guy. Muddy Waters, the short-selling business he runs, may not always sink the target he aims at, but his prose is always worth reading. The latest attack, on Olam, a Singapore-based commodities business, promises hours of fun for by-standers. In response to Olam’s threat of legal action, he’s offered to pay to have the company’s debt rated. As he explains:

The response is essentially a waste of toner, as much of it consists of canned presentation slides and consultant drivel. Where Olam’s response attempts to be substantive, it contains numerous instances of irrelevant information, factual inaccuracies, misleading statements, and mischaracterizations of our report. However, the response does demonstrate Olam’s continuing deluded denial of its fiscal problems.

“Consultant drivel”. That’s the spirit.

 

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