the dog will howl tommorrow, page-13

AspectHuntley 28th March 2008

"We have changed our description of BNB from an ‘investment bank’ to an ‘asset originator-fund manager’. The company is actually nothing like a traditional investment bank, particularly US investment banks. It’s not even the same as Macquarie Bank. It does not own or trade in financial instruments. Essentially it acquires and builds infrastructure assets and sells them to investors. Confusion about what BNB does, and its business and financial risks, probably caused much of the recent share price decline."

A much more eloquent description than I would have given but the point remains the same.