Michael Pascoe writes:

Stupidity can be found at all ages and
levels of society, according to market scumbag David Tweed in a letter to the
AFR editor today. Tweed claims that among the mugs who have accepted his below-market
offers for shares are “a former state premier, a Supreme Court judge, a
professor of law and many doctors”.

Tweed – the serial market pest who has made
millions out of making fancy-looking but low-ball offers to buy shares from the
gullible – doesn’t quite word it like that of course, but it’s what he means. We
should not be surprised – there have certainly been some dumb premiers, while
more than one judge has gone senile on the bench. As for academics and doctors,
well, they’re standard fare for any conman’s game.

Tweed also claims he doesn’t especially prey upon the elderly, saying
that of 120 IAG shareholders who (stupidly) accepted his recent offer to buy
their shares, the average age was 45.8 years.

Tweed has taken the unusual step of defending his grubby road to riches
after a series of recent letters to The Fin attacking his game. If patriotism
is the last refuge of the scoundrel, the letter of the law performs the same
function for David Tweed.

“The writers are either unaware or do not
acknowledge that unsolicited offers to buy shares are already regulated to
achieve the investor protection they claim to seek,” he writes. “The offers must provide clear disclosure
of the current market price and remain open for one month and cannot be misleading
or deceptive.”

Yes, David, the law has been improved in an
attempt to thwart your activities. We all know that what you do remains within
the letter of the law, but what’s legal has little to do with what’s ethical. You’re
still a scumbag, ripping off people who don’t quite understand what they’re

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Peter Fray
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