1. split bokor-hathaway's stock to gain admittance into an index, or
2. manage his company's earnings (by taking an aggressive position in not recognizing unrealized losses on his pet bank holdings because HE says they are "temporary"), or
3. destroy the value of his partners' shares by using those shares to make an acquisition,
AND completes the holy zombie trifecta violating all those "principles" to acquire BNI.
why would the bank-cartel chief moral mountaineer stoop to such dubious accounting and promotional techniques?
....but dig a little deeper.
like 28 yrs earlier, and in the 1982 zombie shareholder letter you find the bokor roadmap, aka "THE PUMP AND DUMP," or as buffett refers to it himself, one of the "three ways to avoid destruction of value for old owners when shares are issued for acquisitions":
The second route presents itself when the acquirer’s stock sells at or above its intrinsic business value. In that situation, the use of stock as currency actually may enhance the wealth of the acquiring company’s owners. Many mergers were accomplished on this basis in the 1965-69 period. The results were the converse of most of the activity since 1970: the shareholders of the acquired company received very inflated currency (frequently pumped up by dubious accounting and promotional techniques) and were the losers of wealth through such transactions.
he has the gall to send a repulsive thank you note to his adopted uncles the bernank, the paulson and the geithner for ignoring bankruptcy law and over-stepping into the markets to bail out his investments by once again exaggerating the TRUE threat to "300 million Americans in the domino line.... (whose) jobs, income, 401(k)’s and money-market funds...." were saved from "turning into pumpkins and mice."