Business

Mar 31, 2008

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.

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.

The Opes Prime collapse will become emblematic for everything that was bad about this bust – greed, extravagant lifestyles, slack regulation, poor disclosure, short selling, hedge funds, stock lending, excessive gearing and appalling risk management.

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