Companies

Sep 18, 2012

Fortescue: the prophet and the loss

The disaster unfolding at Fortescue, and the desperate attempt by billionaire Andrew "Twiggy" Forrest to cling on to his fortune prove again that when Jim Chanos says something, it’s worth listening.

Adam Schwab — Business director and commentator

Adam Schwab

Business director and commentator

The disaster unfolding at Fortescue, and the desperate attempt by billionaire Andrew “Twiggy” Forrest to cling on to his fortune prove again that when Jim Chanos says something, it’s worth listening. Chanos is the founder and president of short-selling hedge fund Kynikos Associates — and he has again proved that he is far smarter than billionaires and over-paid, bumbling executives.

Chanos is most famous for being instrumental in predicting and telling the world (through his relationship with Fortune’s Bethany McLean) about the impending collapse of Enron. Chanos also famously shorted Tyco before its share price collapsed, and as a 26-year-old, controversially exposed then Wall Street darling, Baldwin-United (which would soon file a then-record $US9 billion bankruptcy).

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