26 Results

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.

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.

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

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.

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.

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.

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.

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

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

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

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.

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.

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.

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.

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.

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

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

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 […]

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.

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.

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.

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.