re: resource companies and lack of hedging
not to answer your question but Terry McCrann writes an interesting article that BHP's lack of hedging and failure to lock in forward rates in the low 50s has cost them billions in lost profits this year alone - the Board is not crucified - yet on the flipside when things go bad (eg Pasminco) as a result of hedging all and sundry cry foul
this has made Boards averse to FX hedging and now the resources companies are paying the price, yet no-one is holding them accountable?
they aren't hedging losses so they don't make the big headlines, but they are foregone profits as a result of inaction
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