"all watso can do is to offer meaningless moral support to holders of this toxic debt"
Moral support? Sounds more like the "youseshuddaknownwhatyousewasgettininto" set to me. The main problem is that fixed liability securities were ever permitted on the stock exchange. It might be noted that the major reason the stock exchange has made such a great contribution to our civilisation is because it had limited liability securities as a founding principle. Bat vomit like BCSCA are a total corruption of this principle and so challenge the integrity of the exchange.
To see this utter schamozzle should leave Australians totally incensed. In a short time, the achievements of this toxic junk may include:
-investors out of pocket at least $400 million
-a $5 billion project in ruins
-600 out of a job
-a spitstorm of legal action
-the first criminal conviction resultant from the legal transfer of a security
Very expensive entertainment I think. So What should happen?
This filth should be permanently abolished, and the people responsible for its invention and legality are deserving of public mention. If a polly or two had a hand in it, the public has a right to know who and thank them accordingly.
BCS Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
