anz behaviour unconscionable

This was also posted on the ANZ forum, as I believe it affects ANZ

Michael West, in todays SMH, reveals the secret deal under which ANZ looked after itself at the expense of Opes creditors. Despite an OP Director warnings after a meeting with ANZ in Melbourne on March 19, the bank pressed ahead with its $95 million capital injection into Opes.

In return for this supposed bail-out money, ANZ was able to take a secured charge over $650 million of Opes' assets the next day. Using that security, ANZ appointed its own receivers from Deloitte only one week later, on March 27, to preside over the sale of $900 million in shares.

"Before that, ANZ had no charge, no lien; all they had was a standard (securities lending contract)," Mr Blumberg said. "They had no security, no personal guarantees from directors, no fixed and floating charges over the group."