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BANKSIA: Dumb Investors should have known it was not a bank

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John Dagge of the Herald Sun (Full Story)

Reports the ANZ boss as saying that it is clear that many investors in the failed rural lender Banksia believed they were dealing with a bank.  "A number of these institutions were perceived as being banks when they were not", Mr Mike Smith yesterday.  

(NB: Mr Smith earns $5,600,000 a year which is $15,300 every day, 365 days a year.  Wonder if he can afford a turkey for Christmas?  Oh, that's right, he's got thousands of turkeys, commonly know as 'customers')

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  • doyla66
    doyla66 Tuesday, 27 November 2012

    "Should have known"? ... like borrowers should have known that they couldn't afford a loan ... and have had the foresight to ask the broker whether the lend was going to falsify their LAF and abuse them when they couldn't meet the totally unrealistic repayments on a fudged value (Fraud) loan?
    Don't you love 20/20 hindsight and financial arrogance?
    How many investors understand the difference between an ADI lender and a non-ADI lender? And which regulator is responsible for what?
    With so many "innovative" investment opportunities who would know what exactly was a good investment?
    Talk to your broker ... they might know ...
    Maybe some bank execs might be saying "if only I hadn't turned a blind eye to what was happening on my patch in the bank" and other dumb regrets.
    Crystal balls on the board room table? Probably more reliable than S&P ratings and IMF prognostications!

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