Not content with battling reputational risk dealing with the faltering Tricom and the Opes Prime disaster, the ANZ has been quietly battling another nasty situation across the Tasman, writes Glenn Dyer.
Credit crunch
Twenty years on we’ve got another Last Resort Laurie
Opes Prime is the most bizarre financial drama we have seen since the last great market clean out two decades ago: Rothwells and ‘Last Resort’ Laurie Connell, writes Glenn Dyer.
Westpac out to break the brokers
Westpac is within days (if not hours) of mounting a savage attack on the income and power of mortgage brokers, writes Michael Pascoe.
Contagion spreads as Lift Capital goes under
As a debt-addicted nation, any sort of global credit or liquidity crisis was always going to hit Australia hard, writes Stephen Mayne.
US Fed and IMF add to doom and gloom
More gloomy talk overnight from the US Federal Reserve and the IMF, which sees total losses from the credit crunch ballooning past $A1 trillion, reports Glenn Dyer.
ANZ cranks up bad debts, banking sector tanks again
The banking sector tanked again today after ANZ came out with another unexpected operating update warning that bad debt provisions would hit $974 million in the latest half, writes Stephen Mayne.
Financial disasters: peeking over the horizon at what’s next
It seems that each week brings a new piece of bad news about some financial institution in serious trouble, so what’s next? By Professor Patrick De Fontenay.
Asciano loses on Brambles, but “it’s for the best”
Asciano Ltd has bailed out of its controversial Brambles holding at a minimum loss of $85 million, reports Glenn Dyer.
What a difference a vowel makes: Opis Capital in damage control
Opis Capital, the unfortunately named Melbourne fund manager, is scrambling to dissociate itself from the Opes Prime disaster, writes Michael Feller.
Kohler: Tricom left in the lurch
It is hard to imagine how Tricom could fill the hole that would have been left in its capital by the failure of Opes Prime, writes Alan Kohler.
Opes chairman in victims’ sights
There is collateral damage all over the place in the Opes Prime collapse and even doyens of the establishment are now being dragged into it, writes Stephen Mayne.
Time for Chris Murphy to face up to reality
Opes Prime’s biggest client Chris Murphy has already lost his fortune and is now about to be seriously put through the ringer in the full glare of the media, writes Stephen Mayne.
Avenue’s conflicted connection to troubled MFS
There seems to be a double dose of clumsiness and conflict permeating the MFS Premium Income debacle, writes Adam Schwab.
Can the Templestowe boy be fingered for all Opes Prime’s woes?
Ousted Opes Prime CEO, Laurie Emini, is under seige and the regulators certainly look keen to finger him, writes Stephen Mayne.
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.
Should government bail out credit lending casualties?
A joint paper released this week has called for more Federal Government aid to help prevent the big banks regaining dominance of the home lending sector. Sounds sensible but who will benefit? asks Glenn Dyer.
Bear Stearns card sharp knew when to fold ‘em
Bear Stearns’ Jimmy Cayne has taken the money and run, writes Glenn Dyer.
Australian economy ‘weathering the storm’: RBA
The Reserve Bank has given the Australian financial system a big tick, reports Glenn Dyer.
Babcock’s desperate $220m share placement
There is an awful lot of aggressive spinning going on as debt-laden companies battle the new reality of the global credit crunch, writes Stephen Mayne.
High-flying Iceland heading for a crash
Could Iceland be the first country to fall victim to the global financial turmoil? Glenn Dyer reports.
Goodman family takes a huge haircut to avoid margin call
Overnight a family touted as billionaires emerged much diminished after a voluntarily sell down, writes Stephen Mayne.
Babcock bounces as Bear Stearns extracts more value
There was a strong recovery amongst Australian financial stocks this morning, none bigger than Babcock & Brown which rocketed $1.12 or 8.8% to $13.86, reports 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.
Investors flee as commodities bubble goes south
Predictions that the worst could be over following Tuesday’s rally proved premature as commodities slump, reports Glenn Dyer.
Andrew Peacock and the political art of compromise
Andrew Peacock’s political skills were clearly in evidence in yesterday’s compromise to allow Chris Scott to join the MFS board, writes Stephen Mayne.
