The problem is that ANZ have caused the greatest loss of value for Opes clients with their strategy...therefore they are the focus of the anger at the moment.
In the fullness of time we will be able to assess what would have been the best way finacially ANZ could have gotten out of this mess. So far they have chosen to cover their immeadiate hole in the loan book which has been reported at $200mill.
They will now face: -Years of legal challenges (very costly) -Direct loss of customers (not much) -Loss of reputation in the general public (very very costly) -Loss of reputation in the business world. Who will trust them? (very very costly) -The possibility of having to buy back all the Opes shares on the market if the rulings go against them (very costly) -Hedge fund short selling as the court cases kick in and they start smelling blood
All that for $200million...well done ANZ...you idiots
