DIANA WEST: ALWALEED…FORBES NOT FAIR TO MIDEAST BILLIONAIRES…BLOOMBERG IS BETTER
http://www.dianawest.net/Home/tabid/36/EntryId/2437/Alwaleed-Forbes-Not-Fair-to-Middle-Eastern-Billionaires.aspx
Business Insider has the best account of Awaleed’s announcement that he has “severed” his relationship with Forbes magazine’s billionaire-ranking project, and will instead work with Bloomberg’s Billionaire List.
Why?
Forbes isn’t valuing Alwaleed’s worth as highly as he does — and, further, the Forbes’ valuation process, the press release from Alwaleed’s Kingdom Holding Company maintains, “seemed designed to disadvantage Middle Eastern investors and institutions.” Forbes tells Business Insider, meanwhile, the huffy press release was Alwaleed’s answer to some fact-checking questions.
The four examples KHC offers of Forbes “bias” will be as amusing to bilionaires and non-billionaires alike for revealing the factors behind the Saudi’s pique. They are:
1) “A sudden refusal after six years to accept share values as listed by the Tadawul, Saudi Arabia’s fully regulated, 21st-century, high-tech stock exchange …”
We are not some Third World backwater …
2) “A completely biased allegation based on rumors that stock manipulation is `the national sport’ in Saudi Arabia `because there are no casinos.’ ”
I am shocked, shocked that Forbes would think stock manipuation is going on around here …
3) “The application of differing standards of proof for different individuals and organizations resulting in an arbitrary and confusing set of standards that seems demonstrably biased against the Middle East. For example, the valuation of other emerging markets such as the Mexican stock exchange are accepted while the Tadawul are not.”
Green-eyed jeaously of Carlos SIms of Mexico, Forbes’ No. 1 Billionaire.
4) “Unexplained and wholly arbitrary discounts applied to holdings not backed up by brokerage statements .., after impressing on Forbes that KHC investments are covered by confidentiality agreements.”
I, Alwaleed Saudi Saudi, am richer than Carlos Sims because I say so!
Who knew it was so easy to tick him off?
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