the man who called enron calls mac bnk

if you don't beleive me then read it for yourself....

John (Jim) Chanos calls Mac Bank...

http://www.dailywealth.com/

"Finally, Jim dislikes companies specializing in creative "financial engineering" – like big banks and private-equity companies. One of his big ideas is shorting Australia's Macquarie Bank. The bank has built a huge business of buying up assets like roads and bridges, then packaging them up into investment funds... which somehow offer much higher dividend yields than they should.
He singles out Macquarie, saying its strategy "basically rests on purchasing infrastructure assets at ever increasing multiples of cash flow, selling them at a mark up into their trusts that they control, but which are funded by outside investors... For most of the trusts, the cash flow from the assets they hold do not cover the dividends. So they're borrowing against it and using this accounting artifice, in our opinion, to cover the costs. That is a business model I think that will be prone to a lot of stress..."

Cheers

HC