anz reports above expectations, page-13

"This was human error.."

I disagree...an error is more an accident..this was purposeful..more like institutional greed and fraud.

It's funny, there have been several posters saying Opes Clients were greedy and deserve all they get.

What about the greed of Opes/ANZ/Merrills who starting this thing in the first place? They knew they had to bury clauses in a 32 page contract in the fine print while at the same time saying and acting like this was a normal margin lending arrangement. THEY KNEW, if Opes clients realised the truth they would have ZERO CLIENTS. No other bank would touch this scam except the ANZ which is where all the OPES executives used to work. Several current ANZ managers have been told to "disappear" for a while and were trading themselves through Opes (and got their money out hours before the collapse).

Meanwhile ANZ are going around saying they had nothing to do with it and just lent Opes the money. What to believe? Either version of the story should lead investors to the conculsion that the ANZ bank is not a good investment.

1) ANZ knew nothing about the Opes arrangement. Right...you lend someone $1billion and you don't even do a basic due deligience about where the collateral is coming from and the risks invloved in the Opes business model. Conclusion: ANZ actions show incompetence

2) ANZ knew what was going on with Opes and let it happen. They were a party to the scam and need to pay the price. Heads should role and they should lose whatever money they invested. Conclusion: ANZ actions show greed and are possible fraudlent

Not a pretty picture either way.