why it will survive, page-4

While I really respect your research, Kenneth, MQG still has some problems.

1. You can't trust risk models and risk management specialists. Reality is not a bell curve. I'm sure you've heard of LTCM and their spectacular failure in 1998.
It doesn't matter that MQG employ 331 risk nutters to pour over their 'risks', the biggest risks can't be quantified. This leads me to their next problem...

2. Thinly capitalised. Leverage kills. All the time and everywhere. This is the first lesson of business, but the big boys (CNP, BNB) never learn.

3. Opacity. No one can really value Macquarie, because it is a nest of related-party transactions. Consolidated corporate financials under AASB 3 (Business Combinations) and the litany of other standards are a mess to prepare and a mess to understand and - as a final year Accounting student - I have learnt not to trust them. Especially in the context of recognising internally-generated goodwill to avoid impairing existing goodwill.