Business

Feb 19, 2008

Why did it take ANZ so long to announce problems?

A note from a Goldman Sachs JBWere analyst summed up the frustration many in the markets have at the moment, writes Glenn Dyer.

A note from a Goldman Sachs JBWere analyst summed up the frustration many in the markets have at the moment.

After being surprised by the average interim profit from the Commonwealth last week and then the shock trading update from the ANZ and its $365 million in provisions for three dud deals, including a potential $220 million hit from exposure to US monoline insurer ACA, the analyst wrote in a report on the banks today: “(Mental note for future Macro Slowdowns – particularly credit induced: Banks are NOT DEFENSIVE)”. That’s the Goldman analyst’s emphasis.

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1 comments

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One thought on “Why did it take ANZ so long to announce problems?

  1. Zoo

    Do any Aussie companies have exposure to AIG (IAG in Aus)? Credit default swaps are probably going to blow up sooner or later.

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