The Federal Treasurer got into the banks last week for thinking of lifting interest rates above any move from the Reserve Bank. But was there some truth in what Costello had to say about the banks and their reaction to the subprime mess in the US and associated credit freeze which have pushed up rates?
Loan obligations
Memo MacBank staff: thanks for the profits
In recent months Macquarie Bank employees in AWAs have been forced to work public holidays, weekends and late nights with no compensation. No wonder they are posting record profits — on Friday they received an email thanking them for their contribution…
What next as subprime market troubles continue? Anyone’s guess.
It’s been a nasty day for stockmarkets thanks to big falls in the US and Britain. The reason? Lower-than-expected earnings at some big American companies, such as American Express and Dupont, writes Glenn Dyer.
