Mar 24, 2014

After Babcock & Brown’s collapse, its money men try again

Remember Babcock & Brown, Australia's greatest corporate failure? The brains behind it are at it again, finding corporate Australia in a forgiving mood.

Adam Schwab — Business director and commentator

Adam Schwab

Business director and commentator

Corporate Australia is nothing if not forgiving. And also pretty slow to learn from its mistakes.

Jodee Rich was the youngest member of the BRW Rich List in 1987 after creating computer reseller Imagineering. The company collapsed, but Rich was somehow able to rebound and create One.Tel, which grew to be valued at $5 billion — only to collapse as well. It appears that Phil Green and Trevor Loewensohn, two of the men behind Babcock & Brown, Australia’s biggest corporate failures, have managed to “do a Jodee” and rise from the ashes while corporate Australia happily gives them a second chance.

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