"In reality ANZ aren't stooopid, they know exactly the 4 1 1 is. They don't have a room full of 1st year law students advising them on their actions."
In the first few days I thought the same thing. But given the evidence that has come out so far and the run down of what happened in the last few weeks I think they pannicked.
I don;t think there was time to get board approval for their actions, nor should there be with a company the size of ANZ. We know that management in that division had ties to Opes and were heavily involved and were essentially incompetent. And to some extent their hand may have been forced by Merrills who starting selling on the Friday, but they had better quality stock. This essentially made a managed arranegement unworkable.
There was not enough time to do a thourough legal review. They have made a mistake here and now they will pay...big time.
