TWDC Earnings

[ford91exploder]

It is worth noting that typically HR is there to protect upper management. I've seen people find this out the hard way after making an HR complaint about a performance rating.

It still doesn't change the fact that the SEC filings are accurate and not fabricated.

I would say we have to ASSUME the SEC filings are accurate, Because there is no whistle blower protection in the US we usually don't find out about falsified SEC filings until the company blows up at which point it's far too late.

It's been my opinion that public companies should undergo unannounced SEC forensic investigations at least once every 5 years, Doing this would go a long way towards restoring investor confidence and would help the market long term.

An example of this is Bernie Madoff had a cursory investigation by the SEC in 2000-2001 at which point his ponzi scheme had been running for 20 years, It was only in 2006 when his firm blew up that a THOROUGH investigation was initiated. As a result investors lost 18 BILLION dollars, Harvard lost a billion from endowment right there.

Bernie Madoff was one of the most trusted people on Wall St, He was the COB for the National Association of Securities Dealers for crying out loud.

 

[ford91exploder]

There are a series of steps one must take to be covered by Whistleblower protection. Once you initiate the steps toward protected status, you are a threat to the company and become a liability to the company. Any HR department worthy of a paycheck will have you released long before you see protected status.

What's needed is a Federal Whistle blower program where complaints and data can be delivered for action by appropriate federal authorities. In any case the whistle blower's career is probably over which is why program needs to be federal and organized along the the lines of witness protection so the choice is not 'doing the right thing' or starving.

 

[ford91exploder]

Disney has done a lot of things... they just aren't the things resonating with this audience and on top of it some things they are doing the audience just flat out doesn't like (like FP+, etc) or they are disappointments in many ways

WoC shows
Dreams at DLP
Sorcerers of Magic Kingdom
Kim possible updated to Agent P
Pirate game in adventureland
Test Track
New Fantasyland
New Princess hall at DLR
New Princess hall at MK
Glow with the Show
Jack Sparrow replaced Narnia
Christmas in Carsland...

and much much more. But the changes get thrown under the rug because 1) WDW is not getting enough relative to it's size/age 2) the ones that are being done aren't what many people are seeking 3) The general sense that what is being done is 'not enough'

The perspective is lost a lot of times because people are so focused on 'enough additions' they tend to dismiss the incremental stuff that was done.

Good point Flynn, Balancing that though are all the things that have been cut with no replacement it's mainly lots of small things which contribute to the Magic once seen at WDW

 

[ford91exploder]

Jim Heaney was fired by DVC for intentionally submitting Aulani maintenance fees that were too low to Hawaii authorities.

He was hired as the Sea World CFO a year later.

No good deed...

The Chinese would have dealt with this more effectively...

 

[ford91exploder]

I

I agree wholeheartedly. Plus, we all want investment in WDW, when the shareholders and decision makers look at 'Parks and Resorts'. So, it makes sense when looking at improvements needed to 'Parks and Resorts', to decide to invest nearly $2 billion to 2 new cruise ships, redo DCA, and put money other places where it's surely going to increase revenue. If I'm an unbiased average Joe, not a huge WDW fanboi, I objectively love where they're investing the money. Hell, WDW still is making as much money as always, so it certainly wouldn't be a priority.

Since I am a WDW loving, D.V.C. owner, I want New Fantasyland, Pandora, Star Wars 'Land', Disney Springs, a JII redo, etc. a.s.a.p., but if I can be objective, I understand why the investment has been in other 'Parks and Resorts' entities, for several years. Our turn now though.

Until WDW gate drops there will be no reinvestment, at which point it will be too late

 

[ford91exploder]

Not the best of comparisons there....

I prefer the Chinese solution to financial crimes by executives, However in the colonies we consider ourselves 'civilized' so we cannot use the preferred solution.

 

[ford91exploder]

Jimmy Thick- I read it on a fansite, so it must be true...

MIT found that Tin Foil Hats actually improve the effectiveness of mind control rays

http://web.archive.org/web/20100708230258/http://people.csail.mit.edu/rahimi/helmet/

 

[wm49rs]

I prefer the Chinese solution to financial crimes by executives, However in the colonies we consider ourselves 'civilized' so we cannot use the preferred solution.

Well, that method (and the subsequent billing) was also supposedly used by the government on the man who stood in front of the tanks in Tiananmen Square. It's not just for those committing alleged financial crimes....

 

[ABQ]

I would say we have to ASSUME the SEC filings are accurate, Because there is no whistle blower protection in the US we usually don't find out about falsified SEC filings until the company blows up at which point it's far too late.

Just curious, what are you expecting to find in an SEC audit of TWDC? That they're actually bankrupt or something? I guess I missed the post that explained just what looked fishy in the financials from this quarter?

 

[ford91exploder]

Well, that method (and the subsequent billing) was also supposedly used by the government on the man who stood in front of the tanks in Tiananmen Square. It's not just for those committing alleged financial crimes....

You are correct,

It's just I've seen too many people's life savings destroyed by financial crimes by large 'respected' firms, DW's grandparents had much of their retirement wiped out by the Lehman Bros fraud/crash. And to see those responsible walk away scot-free and take other jobs in the securities industry just contravenes every sense of justice.

Just perhaps if all the goodies were seized from those responsible and they were left with nothing as many of their victims were there would be an incentive not to lose the client's money.

I'd recommend the book "TopGun on Wall St" it's about a former Naval Aviator who joined a brokerage house and left after a crisis of conscience because his firm was breaking the law on a regular basis and for a guy who is a straight arrow it was too much to take.

 

[asianway]

Just curious, what are you expecting to find in an SEC audit of TWDC? That they're actually bankrupt or something? I guess I missed the post that explained just what looked fishy in the financials from this quarter?

I saw about $300 Million in debt missing. For starters

 

[ford91exploder]

Just curious, what are you expecting to find in an SEC audit of TWDC? That they're actually bankrupt or something? I guess I missed the post that explained just what looked fishy in the financials from this quarter?

I'm advocating a periodic forensic SEC audit for EVERY public company not just TWDC,

For TWDC specifically TWDC has had no organic growth for a LONG time, yet 2012-13 revenue up 9% and profit up 17% year over year - rationale is quite simple if it looks to good to be true it usually is.

 

[flynnibus]

Good point Flynn, Balancing that though are all the things that have been cut with no replacement it's mainly lots of small things which contribute to the Magic once seen at WDW

Yeah I'm not saying the net is super - but they are doing things. But like my opening sentences said, the gains are being diluted and generally being overlooked because of it. More things to be grumpy over than there are to be happy over.

 

[wm49rs]

You are correct,

It's just I've seen too many people's life savings destroyed by financial crimes by large 'respected' firms, DW's grandparents had much of their retirement wiped out by the Lehman Bros fraud/crash. And to see those responsible walk away scot-free and take other jobs in the securities industry just contravenes every sense of justice.

Just perhaps if all the goodies were seized from those responsible and they were left with nothing as many of their victims were there would be an incentive not to lose the client's money.

I'd recommend the book "TopGun on Wall St" it's about a former Naval Aviator who joined a brokerage house and left after a crisis of conscience because his firm was breaking the law on a regular basis and for a guy who is a straight arrow it was too much to take.

Be all that as it may, mild stretch between potential (speculated) malfeasance on the part of TWDC and advocating the execution of anyone. It's usually best to keep the hyperbole at least marginally in perspective....

 

[ABQ]

I'm advocating a periodic forensic SEC audit for EVERY public company not just TWDC,

For TWDC specifically TWDC has had no organic growth for a LONG time, yet 2012-13 revenue up 9% and profit up 17% year over year - rationale is quite simple if it looks to good to be true it usually is.

Who would you suggest foot the bill for the labor in that audit? If the public company themselves, then no one would trust the audit, as they would claim the company paid them off for a clean audit. If the auditor is just a paid employee of the SEC, then no thanks, as that means it comes from taxpayer money and we don't have enough of that.
I agree with your rationale, but I also agree with others, and though there's corruption in every line of business, we have to, at some point, put our trust into the current public audit partners. Having dealt with both PWC and KPMG, I do find them to take their signatures very seriously. No one wants to sign off an on anything without knowing their safe in a further audit. Though I know darn well, it will be some drone way down the ladder that loses a job if they fail, not the partners at the top.

 

[ford91exploder]

Who would you suggest foot the bill for the labor in that audit? If the public company themselves, then no one would trust the audit, as they would claim the company paid them off for a clean audit. If the auditor is just a paid employee of the SEC, then no thanks, as that means it comes from taxpayer money and we don't have enough of that.
I agree with your rationale, but I also agree with others, and though there's corruption in every line of business, we have to, at some point, put our trust into the current public audit partners. Having dealt with both PWC and KPMG, I do find them to take their signatures very seriously. No one wants to sign off an on anything without knowing their safe in a further audit. Though I know darn well, it will be some drone way down the ladder that loses a job if they fail, not the partners at the top.

I also have worked with KPMG and PWC and I would consider them above reproach however for every KPMG there is a Arthur Anderson waiting in the wings.

The audits I advocate should be funded by the exchanges themselves NYSE etc as it's in their best interest to ensure that all listed companies are as healthy as they APPEAR to be.

A few billion per year on audit expense on exchanges worth trillions of dollars in equity would be a fair exchange for the much higher degree of investor confidence and would encourage healthy companies to list on US exchanges.

I feel these are needed these days as we have so many companies which pose systemic risk if they fail, So confidence in their financials needs to be independently audited periodically with an auditor who has no connection to the company being audited.

This is needed I feel because in the last 15 years we have had massive financial frauds from 'legitimate' companies which have sparked steep market corrections and the loss of trillions of dollars and their public auditors did not catch the fraud because they accepted the documents and data at face value. In a couple of cases we had corrupt auditors but in most cases the fraud was sufficiently sophisticated that the auditors did not catch it.

 

[ford91exploder]

Be all that as it may, mild stretch between potential (speculated) malfeasance on the part of TWDC and advocating the execution of anyone. It's usually best to keep the hyperbole at least marginally in perspective....

I DO think that large scale financial crimes merit the death sentence because of the lasting harm caused to multiple victims whose lives have been changed forever.

Has ANYONE from the 2008 financial crisis gone to jail, NO they have not, Did they keep their ill-gotten gains, Yes they did, Because of same millions of hardworking people will NEVER be able to retire.

Hopefully the next congress and president start actively prosecuting those responsible with an emphasis on restitution AND a life sentence in Supermax.

There are more than a few of those people who should thank their lucky stars that they do not live in China.

 

[ford91exploder]

Yeah I'm not saying the net is super - but they are doing things. But like my opening sentences said, the gains are being diluted and generally being overlooked because of it. More things to be grumpy over than there are to be happy over.

I would agree with that, We do tend to overlook what has been added and the net is as you say 'not super'.

 

[wm49rs]

Has ANYONE from the 2008 financial crisis gone to jail, NO they have not, Did they keep their ill-gotten gains, Yes they did, Because of same millions of hardworking people will NEVER be able to retire.

Hopefully the next congress and president start actively prosecuting those responsible with an emphasis on restitution AND a life sentence in Supermax.

There are more than a few of those people who should thank their lucky stars that they do not live in China.

Again, you're trying to assign what may or may not be financial malfeasance on the part of TWDC to other events. And it's an argument not really working for you....

And too many on the side of openness, democracy and basic human rights have fallen through this Chinese method you seem to be in love with. Try to keep the hyperbole in reasonable check....

 

[jakeman]

Again, you're trying to assign what may or may not be financial malfeasance on the part of TWDC to other events. And it's an argument not really working for you....

And too many on the side of openness, democracy and basic human rights have fallen through this Chinese method you seem to be in love with. Try to keep the hyperbole in reasonable check....

I like that he criticizes the current US administration while at the same time calling for China like persecution standards.

It's a good thing criticizing the government in China always turns out well...