For years I have taught, explained and revealed the Smiles in Suits who ran Bartercard following Wayne Sharp to be nothing less than greedy crooks. Their recent unpleasant eviction from ASX:BPS the company that they established as their exit strategy says it all. First Trevor Dietz was given the ar*-card after getting caught with his hand in the till. Now the others have all gotten the chop. Good effing job too I say. I told you so, many times.
Some say that a Christian shouldn’t gloat over others’ downfall, even if they deserve it. BS. I told the world day after day, week after week, month after month for years what was happening, often in real-time and at huge personal cost. It gives me HUGE pleasure to see that the corporate investors that these boys duped have eventually caught up with them, given them the boot and are moving on, trying to make a go of what is left of things.
Gloat, I will, just for a moment . . . after raping and pillaging the Bartercard business for decades (that means the little people ‘paid’) Trevor Dietz, Brian Hall and Tony Wiese bled, milked and destroyed a public company for personal and attempted personal gain for years but eventually were thanked for their services and sidelined. Trevor was found to be insider trading in 2017 and did a quick deal to get out before they took it public (sword:fall); the other two sidelined in February 2018. Word on the street is that the new CEO has cleared the decks, taken a dive ready to steady the ship and set sail for a new future. The company may get rid of Bartercard US and the UK – that would be a good move, except for Paul Bolte and those trying to make things happen in the northern hemisphere. Too bad. That’s the second time Bartercard would have failed in the USA and the UK – leopards anyone? Ron Whitney, are you there? Hello Ron? Are you listening Ron? Tess, the best software in the business Ron, recommended by you personally remember? BS revealed and confirmed now, once and forever!
Oh how sweet life is when you’ve called it right in the face of a barrage of BS from IRTA and Bartercard when the chickens eventually all come home to roost!
Ian Dunstain is the new guy at the helm. He’s got a hell of a job before him with a huge credibility knock (their share price is down to less than 30c in the dollar, even more capital raising will dilute the shares even more, and he’s had to confess to lies told to the market by his predecessors) but the biggest problem is that under the hood, Bartercard, presented to the market as a cash cow, is anything but. A massive trade deficit, hidden from the public means that the core Bartercard currency, and that means the exchange and cashflow will continue to create problems. The bottom line – less profit moving forward.
Cutting costs will also hurt operations, however it will stem the cash operating losses. As with all or any trade exchange that butchers their own currency though, Bartercard can never recover. It can only get worse and will, like Empire, BBX, Ormita and Qoin, go down. Comparison of membership numbers, member satisfaction levels, trade volume and profitability for the last decade all show decline year after year.
This pattern will repeat.
I will repeat myself too:
The Bartercard Trade Dollar is grossly devalued through deliberate butchering of their currency by the owners, managers and staff from the top down. Their ethics are ‘flexible’. Universal Currencies exposure to Bartercard is hidden by IRTA and is in the stratosphere. UC will one day need to take a huge loss. IRTA members will have subsidised these crooks’ lifestyle and personal gain under the shonky nepotistic management of Ron Whitney of IRTA working closely with Paul Bolte of Bartercard. The Bartercard members have been duped out of hundreds of millions of real goods & services by Bartercard over many years. The company is aggressive, litigious and an outright danger to the international business community and now the [primarily] Australian investment market.
The sooner it is shut down the better off the world will be.
With the departure of the last two Smiles in Suits, I gloat. My role in their downfall wasn’t a direct one, but I did have a huge influence in many quarters helping many to understand reality, and how to interpret the gloss. Like with the devil, you always knew when they lied – when their lips moved.