Tuesday, May 12, 2009
What you've gotta like about these journos is that they are SO wise and crowing after the event, but they NEVER quite warned ANYONE before the event.
Australia’s biggest scam comes crashing down
Michael Pascoe
May 12, 2009 – 12:40PM
"So ANZ has a $500 million exposure to the failed Timbercorp tax deduction empire. What fools.
It’s hard to know for whom to feel the most scorn – bankers stupid enough to back inherently flawed businesses or the mugs suckered into buying products on the lure of tax deductions – and the salesmanship that tends to come with particularly fat commissions.
And then there’s Great Southern Plantations, trading presently suspended pending some further attempt at rescue. Ditto the scorn for all involved. Oh, and the various “independent” expert reports that have been purchased by management at various times, never mind alleged “investment recommendations”.
But maybe I should tell you what’s really my opinion of the rural managed investment scheme industry: it’s the biggest single scam in Australian financial history, probably losing more money than HIH and Bond combined. And some parts of the MIS mob have been nearly as flagrantly dodgy as Firepower."
Labels: Tossers.
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