There used to be a convention that banks stuck to banking and didn't compete with main street on main street .
Obviously no non-finance company can compete with a bank .
This is neither commercial banking nor investment banking - if investment banking is considered to derive it's income from fees and commissions .
It is outright trading on their own account . MacQ are acting as a hedge fund rather than a bank .
What next ? Are they going to jack up the finance costs ?
Pathetic and ought to be illegal .
Ann: Receipt of proposal from Macquarie Group Limited, page-3
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