I must admit ANZ will also have an issue with the regulators wanting to appear to be seen as doing their job and not toothless. That is the problem for ANZ now it has entered the public arena if this was a "quiet" battle they would walk over everyone but it is fast becoming a vote for confidence in the financial system.
So ANZ may not be the Goliath in this battle if they have done anything wrong. Public opinion counts for a lot especially when Govt's don't like to be seen as dropping the ball on their watch so to speak. I would be getting very worried if I was ANZ as they might fast become David with out a sling.
