ozl fortunes could change, page-44

'Sources suggest that over the past two weeks the Commonwealth has been outed as a core problem in the OZ negotiations, become the subject of high-level political lobbying, particularly from a South Australian Government concerned that financial institutions that benefited from federal government guarantees were needlessly threatening jobs and, it is claimed, been threatened with legal action by an increasingly agitated and desperate OZ Minerals executive.'

This sort of thing has concerned me for a while now, not just with OZ minerals; which I believe probably will get though this, but has a very real possibility of going bust; but with banks in general and their I can do whatever I like, I am basically impregnable attitude.

The federal government has given the banks quite a bit of leeway to ensure they keep the credit markets going. Kevin Rudd, while saying banks should pass on interest rate cuts did it with basically a wink - saying we understand if you don't. And they guaranteed deposits - ensuring the banks remain liquid as far as depositors pulling out their money goes. But give and take goes both ways. If the Commonwealth bank, or any bank for that matter, is 'needlessly threatening jobs'; mark my words the political ramifications for banks will be dire. It is almost worth loosing the money I have in OZL to see that happen. As far as I am concerned banks have had it too good for too long from cozy deals with the government, and not retuning anything for it. As another example a while ago the government said it was going to clamp down of charges for pulling money out of teller machines. Just a few weeks ago my sister was slugged $120 in a 3 month period for doing just that. Me - I pay for everything by credit card when I can to avoid exactly that - even if it means the occasional slug such as the 10% surcharge in paying cap fees by credit card. Have heard nothing about that for a while now. Probably just another example of the leeway banks are getting to keep the credit markets rolling. IMHO they need a shake up - and a major one at that. If that happens it probably will be good for all. Just hate to loose the money I had invested in what I believe is still an excellent company with excellent prospects.

One poster said as be-leagued investors all we can really do is let this pan out. I must agree. However I am confident that regardless of what happens, questions will be asked at some quite high political levels.

Thanks
Bill