Agree with the sentiment here Pezza87. Just wanted to state that the estimated blow to ASIC in terms of legal costs for ASIC for the FMG case is 10 million bucks. 30 million bucks was to do with OneTel. So there you go, 40 million bucks down the gurgler. 2 dollars for every Australian.
...Professor Ian Ramsay from the Centre for Corporate Law at Melbourne University says the case was a blow for ASIC'S reputation and budget.
"ASIC has to make critical decisions about how it spends its taxpayer funds" he says.
"It has an annual budget is in the order of something like $300 million so where we have one piece of litigation that in effect may cost $10 million or indeed in the OneTel matter, the total cost could go up to $30 million.
"That's an extraordinary hit to the annual budget."
