ANZ have the deepest pockets but the shortest attention span, ANZ's reputation cant afford to dig in for 6 months let alone a decade, a witness like Blumberg who having seen his ultimate fate and destiny has nothing to lose by taking everyone down with him, given a choice between bankruptcy and shame and bankruptcy and honor he has little choice but honor.
If ANZ really did do the deal he says was done in the way it was done to secure a greater call on assets then it was simply a poor ill considered decision verging on an alleged conspiracy to defraud other creditors.
If what Blumberg alleges is true everyone in the bank should be fired immediately. You cannot have a senior manager of a bank arrange to have sworn affidavits produced where they suspect these affidavits are both untrue and that they were induced by personal rewards to the person providing the statement.
If what Blumberg says is true ANZ induced him to swear a false affidavit to ensure they received reward where they otherwise would not be entitled without these inducements.
A banker that arranges such things is showing little wisdom and forethought as to the likelihood of these arrangements being unwound at a later stage.
These are all allegations at this stage but if they are true ANZ have cooked their own goose, no amount of mud slinging at Blumberg will save them.
ANZ Price at posting:
0.0¢ Sentiment: ST Sell Disclosure: Held
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