Babcock bonuses for some. There will be a few happy faces this morning after the settlement of liquidator Deloitte’s $160 million damages action against the directors and auditor of Babcock & Brown, the whizz-bang financier that collapsed in 2008, wiping out $12 billion of creditors’ and shareholders’ funds.
Happiest of all will be B&B’s co-founder Phil Green, who won’t have to dig into his pocket to pay any of the estimated $25 million to $30 million damages awarded in the confidential settlement. Famously smart, Green was wise enough to take out insurance for himself and his B&B directors against actions for negligence, and his policy should now pay up. — Paul Barry (read the full story here)
Rudd’s happy little jar of Vegemite baffles the world. Vegemite has scored itself another bout of international infamy after Foreign Minister Kevin Rudd was forced to bring out the might of “ministerial intervention” to get his breakfast through US Customs.
The suspect little jar of brown stuff that saw Rudd questioned en route from Mexico to New York was actually his breakfast, a supply of emergency Vegemite he’d stashed in his carry-on bag. Needless to say, the incident has attracted plenty of attention from US media. — Angela Priestley (read the full story here)
74 storeys of Triguboff. Billionaire developer Harry Triguboff is getting ready to unveil his latest addition to the country’s pool of apartments: his 74-storey residential building, Soleil.
And thankfully, tonight’s ceremony to mark the opening of Brisbane’s tallest tower will be attended by Queensland locals, unlike those pesky Sydney-siders who are constantly nagging at the plans of developers. — Angela Priestley (read the full story here)