tip off

Glowing Coe obits whitewash his shady business record

From all reports David Coe was a generous man, loved by friends and family, who died too young. But that doesn’t change the fact he presided (and personally benefited) from a massive corporate collapse.

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What David Coe taught us: CEO and chairmen can’t be one

When examining companies that collapse, especially very large ones, there is a common feature in the way they are managed: the person running and chairing the company is one of the same.

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New York shows ASIC the way to pounce on GFC villains

While US authorities have taken legal action against failed companies, ASIC, Australia’s so-called corporate watchdog, has laid no criminal charges and only a smattering of civil actions against the villains of the GFC.

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Somber outlook as Macquarie share price continues to founder

The so-called global economic recovery doesn’t seem to be rubbing off on Macquarie Group.

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Proxy advisers need to draw the lean, er line, somewhere

The attacks on proxy advisers stepped up once more last week after two corporate partners from law-firm Mallesons penned an op-ed piece in the Financial Review.

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Aussie bankers doing fee-nominally well

Executives at our biggest banks continue to enjoy a myriad benefits, the Big Four being among the most generous remunerators of executives in business. But lower-paid workers have not been so lucky.

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David Coe’s mystifying board election

The likes of the Business Council of Australia and Australian Institute of Company Directors need not be too concerned about the “two strikes” rule — David Coe and RHG just proved as much.

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Macquarie Airports’ mid-air collision

Looking at the gruesome scene evolving at Macquarie Airports Group is not altogether different from driving past a multi-car pile up, with the unit holders playing the crash victim roles.

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Rod Eddington unflinching at the sound of gunfire

Rod Eddington, one of Australia’s most prominent non-executive directors, has finally spoken out about his withdrawal from assuming the chairmanship of ANZ and his troubles at Allco.

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Has the Teflon Knight finally lost his lustre?

The likely decision to walk away from the ANZ chairmanship, one of the most sought-after boardroom roles, may signal the end for Eddington.

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Crikey roll call: the GFC’s corporate casualties

Two years on and the global financial crisis has claimed two major scalps — corporate managers and equity investors.

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James Hardie is just the tip of the iceberg

Amid the James Hardie “fully funded” furphy, it’s becoming increasingly difficult to trust what companies say at all.

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Teflon Rod could be cast asunder at Rio

Rio Tinto shareholders should send a message next week to Rod Eddington that repeated failures to act in their interests will not be tolerated.

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Allco name change should be worth a few cents on the share price

The real story today from today’s stock exchange announcement from Allco Equity Partners is that its name is mud, hence the proposal to change it, writes Glenn Dyer.

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Auditors pocket millions while asleep on the job

Collapsing markets have shown once more that the multi-national firms paid millions of dollars to audit public companies financial statements have been asleep on the job, writes Adam Schwab.

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Black Friday: we’ll never see another day like it for losses

Who would have thought that almost 10% of the biggest losses announced over the past two decades could happen on the one day. Stephen Mayne charts last Friday’s historic action.

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Allco, Centro flood the market with $3.8bn losses

A $3.8 billion sea of red ink washed across the Australian stockmarket this morning with news of the combined losses of Centro and Allco, writes Glenn Dyer.

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Corporate come-uppances: How the mighty have fallen

With the long awaited collapse of the Babcock & Brown virtually all the charlatans have now fallen back to earth, with only Macquarie emerging, severely bruised but for the time being, still standing, writes Adam Schwab.

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RAMS board pulled by Kinghorn on loan repayment

The three directors who approved John Kinghorn’s early loan repayment have extensive business dealings with the RAMS founder, writes Adam Schwab.

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Briefly Business: Octaviar, Allco, Microsoft vs Yahoo

Octaviar boss jumps from role … Allco struggles to find Mobius buyer … BG wants free gas … After deal dies, Yahoo weighs its next move.

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Tips and rumours

I have just been informed from a VERY reliable source that the National Australia Bank is about to announce branch closures Australia-wide and outsource at least 100 jobs to India. Watch it happen! The pig industry is in the sh-t, excuse the pun, and we’re considering employing a lobbyist. Any suggestions? I know from talking […]

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A Friday cocktail of greed, incompetence and cynicism

When historians look back on the great credit and sharemarket bust of 2007-08, last Friday will rate as one of the most interesting days, writes Stephen Mayne.

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As Allco burns, Sir Rod shares some pearls on the boardroom

When eight of the nine Allco plays have destroyed more than 80% of their equity value in less than a year, it is amazing that non-executive director Rod Eddington will even show his face in public, writes Stephen Mayne.

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Crikey Says

Australia doesn’t produce too many world leaders, but ABC Learning was one of them. Pugnacious Brisbane Rich Lister Eddie Groves and his wife created the world’s biggest child care company, backed by the Singapore Government as the largest shareholder and complete with former Children’s Minister Larry Anthony on the board.

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KPMG: the common link in Allco and MFS fiascos

Of all the similarities between struggling financial companies Allco and MFS, one obvious link which has so far escaped media attention has been the role of auditor KPMG in the twin fiascos, writes Adam Schwab.

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