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.
Allco
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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 with a […]
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.
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.
Crikey Says: 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.
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.
Babcock’s ties to the teetering trio
The stockmarket is continuing its recovery but there’s still plenty of action amongst the teetering trio of MFS, Centro and Allco with Babcock & Brown now getting dragged into some of the action, writes Stephen Mayne.
