Chapter 1089: <Fortune> is a joke

Chapter 1093 – <Fortune> is a joke

Although Enron had released an official statement, all the evidence is against them. Feng Yu and those two professors were not lying.

The professors also revealed that a higher management staff from Enron had wanted to bribe them but were rejected.

The professors also did not address the rumors that they will be Wind and Rain Consulting consultants in the future.

Enron’s share prices continue to fall. No one can sell their Enron shares after the market opens, as no one dares to buy them.

The higher management staff of Enron had turned pale. Still, at the same time, another magazine agency was surrounded by reporters.

“Mr. Marshall, <Fortune> had awarded Enron as one of the 100 best companies to work for. What do you all have to say about the Enron executives manipulating their company’s shares?”

“Mr. Marshall, <Fortune> had listed Enron as one of the top innovation firms for many years. Are you all referring to their innovative ways to commit accounting fraud?”

“Is <Fortune> magazine accepting fees from companies in exchange for high ratings and to mislead investors?”

“Mr. Marshall…”

Marshall, the Chief Editor of <Fortune> magazine, was bombarded with questions by the reporters. What are all these questions? Our magazine had our own ways of evaluating those companies. How would I know Enron had fabricated their financial reports?

Those people who had bought Enron’s shares also do not know anything about this.

We can only interview Enron’s executives and evaluate their financial reports before we rank them.

All these reporters also did not know anything about the fraud before Feng Yu exposed them.

Who dares to say that <Fortune> magazine is only serving the rich? Our magazine is targeting the businessmen and middle- and higher-income segments and had evaluated those companies objectively. We have been fair and impartial when we ranked those companies. Why would we tarnish our own reputation?

Among the reports, <Forbes> reporters had asked the most pointed questions. Everyone knows that <Forbes> also wants to create their own Top 500 companies globally, but everyone only recognizes Fortune 500!

“Chief, some media want us to organize a press conference.”

Marshall waved his hand. “Tell them that we will hold a press conference tomorrow morning at 10 am. I will address their concerns during the press conference, and inform all the editors and head of departments to come in for a meeting in ten minutes!”

<Fortune> is a private company, but companies in Feng Yu’s previous life were dying to be listed on Fortune 500.

But to Feng Yu, <Fortune> evaluation criteria has a serious problem. They used the company’s value, influence, brand recognition, etc. to evaluate the company. But they did not take the company’s rate of returns, debt ratio, etc. into consideration.

The market survey conducted by <Fortune> is bullshit. How many reporters do <Fortune> have? Even if they had hired external companies to conduct this survey, the data collected are also not accurate.

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Feng Yu felt that a company’s potential profits etc. must be considered when evaluating the company. If a company’s debt ratio is too high, the company might have issues anytime.

Look at last year’s Fortune 500 companies. In the last 3 years, many of these Fortune 500 companies will be acquired and bankrupt.

How can a company that ended up being acquired or bankrupt within three years be one of the World’s top 500 companies? Is those companies’ management stupid? Of course not. Those companies’ potential is exaggerated by <Fortune>.

Many of these companies are empty shells. If these companies cannot raise funds from the stock market, they will be in the red. These companies’ value is based on their share prices and bank loans to support. But the executives of these companies have nothing to lose. When the company’s share price rises, the executives’ assets will increase, earning a fortune if they sell their shares.

The executives will not care if the company closes, or the investors lose money!

Feng Yu always felt that why should I let others rank the company I set up?

This is what the US has always been doing. They also felt they are the most powerful in the world and can rank others.

But Feng Yu dislike this. It might also be because Wind and Rain Holdings and Tai Hua Holdings were ranked outside of the top 100 on Fortune 500!

If you ranked me as the first, Feng Yu would not mind. But you ranked so many lousy companies before me! How dare you?!

Feng Yu also had something to do behind <Fortune> magazine’s saga. He wants to let everyone know not to trust <Fortune> or other similar magazines blindly. Financial reports and data can be fabricated!

When <Fortune> magazine is handling their PR crisis, Feng Yu is watching a basketball match. He did not expect the Wind and Rain team to perform so well this year. They had qualified for the playoffs.

More importantly, their opponent is the Blazers!

“Good!” Feng Yu claps and cheers. Pierce had just scored.

“Wooo…!” Carter performed his trademark 360 Windmill Dunk. Immediately, the crowd…… booed because this match is played in the Blazers home ground.

Paul Allen stared at Feng Yu angrily. He is furious with Feng Yu for chartering a flight for 100 lucky fans to come to Portland.

But Paul Allen had forgotten that he had brought 2,000 fans over to LA.

Feng Yu’s phone rang, and he walks aside to answer.

“Ralph, what is it?”

“Boss, <Fortune> Chief Editor Marshall claimed there are no problems with their selection of the companies, and the reporters were instigated by someone. One reporter asked if he is referring to you, and Marshall did not admit or deny it.”

Huh? They found out about me? But what can they do? I am telling the truth.

“Release a statement on my behalf. <Fortune> magazine evaluation criteria have serious problems. If not, why would Enron be listed on their lists!? Their lists are a joke!” Feng Yu sneered.

“Boss, do you really want to issue this statement?” Ralph is shocked. This would mean falling out with <Fortune>, and <Fortune> magazine might retaliate by tarnishing their companies.

“Just do it.” Feng Yu replied.

So, Feng Yu’s name appeared on the headlines again. Feng Yu states that <Fortune> rankings and lists are jokes! This issue of <Fortune> had become the lowest in their history.

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