Legendary entertainer PT Barnum was once claimed to have noted that "there’s a sucker born every minute". If he was talking about investors in agribusiness managed investment schemes, he would probably be right.

One of the best investigative business journalists in Australia, the Financial Review’s Angus Grigg, wrote a fascinating article today reporting that Macquarie Bank, Australia’s very own version of a vampire squid, is raising $50 million to fund timber MIS projects. That Macquarie would be able to raise $20 from investors in agribusiness, given the collapses of Timbercorp and Great Southern Plantations in the past few years, is remarkable.