BnH as I said from the start ANZ actions and prior behavior reflected systemic weaknesses in ANZs systems, processes and culture.
No amount of mud flung in Blumbergs direction will deflect the fact that ANZ has been run very poorly, poor bankers pressed to make returns will cut corners, they will find ways to achieve returns that reflect their poor pedigree as managers, when the culture of a bank is poorly founded managers will over look these systemic issues to achieve short term returns.
Opes, Monoline sub prime exposure, tax havens in Vanuatu, pulp mills in Tasmania and large slabs of Indian worker outsourcing are systemic pointers toward management weakness.
If ANZ senior managers have really done the things they are accused of then its the tip of the ice berg, the next shoe will be if we have more credit down grades from another mono line of another counter party
the credit crisis wonds of the next 12-24 months will shake these rotten practices out of the tree for all to see.
It was obvious to many of us from the start that ANZ had gotten to close to Opes and time would expose these types of sores
give another couple of months and things will get much much worse for ANZ
ANZ Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
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