Bizarre observation. It is very easy to hate an institution\legal entity\company. They are collections of ideas, decisions and actions of the majority people aligned by the strategies and advice of a smaller group of senior people over many years, some of them who have even left us. It is impractical and inaccurate to "hate" Mike Smith individually or even the gardeners. Pity would be a more accurate emotion right now.
Anyway, it is looking like they are trying to come up with some low-ball offer and then they will try to spin their way out of trouble. My bet is that they will come on strong and agressive, rather than being contrite, and try to bully their way out of trouble.
If I am right, then I believe that there is no way IMF and S&G will back off and there will be a fight that I am proud to be involved in. As Nathan McMahon said, this is an ethical point now and needs to be tested. Fair dinkum, you can't have one of the 4 pillars of our banking society behaving in the manner that they have done or the whole system will collapse.
By all means, ANZ, turn up with whatever silly number you wish, and then assemble your finest legal team and bring it on.
ANZ Price at posting:
0.0¢ Sentiment: None Disclosure: Held
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