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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: long-gone who wrote (99092)	3/18/2009 1:47:05 AM
From: IngotWeTrust	5 Recommendations Read Replies (3) \| Respond to of 116753

It gives me great pleasure that only old timers on this forum would understand....to post the following Bloomberg story. I got so sick of hearing a certain former Barrick Employee apologist who claimed loud and long FOR YEARS AND YEARS AND YEARS that Barrick's Pooh didn't stink, and they could ONLY make money with their wreckless hedging program at PoG $450 and below.... Well, guess what??? Many on this thread STILL know a decomposing smell in a [hedged] car trunk when we smelled it the first time. And here's the "forensic report." ================================================== Barrick Settles Lawsuit Over Misleading Investors Joe Schneider, Bloomberg Published: Monday, March 16, 2009 Barrick Gold Corp., the world's biggest gold producer, agreed to settle a lawsuit alleging it misled investors by claiming that its hedging program wouldn't hurt profits as gold prices rose. Terms of the settlement haven't been released because Toronto-based Barrick must conclude talks with its insurers before signing the accord, David Brower, a lawyer for investors who sued, said Monday in a letter to U.S. District Judge Richard Berman in New York. Judge Berman postponed a settlement hearing, scheduled for Tuesday, until March 31. Barrick hedged production by entering into contracts to sell some gold before it was mined to protect against a drop in bullion prices. Shareholders alleged in the lawsuit filed in 2003 that the program was "speculative" and "risky," resulting in a drop in the share price as gold prices rose. Judge Berman allowed that part of the suit to proceed in a ruling on Jan. 31, 2006, when he threw out claims that Barrick was involved in anti-competitive conduct. Former Barrick chief executive Randall Oliphant, chief financial officer Jamie Sokalsky and former chief operating officer John Carrington were named in the suit. [Editor: E isn't Oliphant, so he must be either Sokalsky or Carrington.] Mr. Oliphant was fired in February 2003, after Barrick's stock fell 17% in the previous year as the price of gold surged to a six-year high. Mr. Oliphant's successor, Greg Wilkins, abandoned the hedging program. Barrick spokesman Vince Borg declined to immediately comment on the settlement. Mr. Brower didn't immediately return a call seeking comment. =================================== Ahhhhhhhhhhhhh....now THAT typing job felt soooOOOOoooo good! *Stick it in yer ear, Enigma!*