cnp dilution answer, page-19

MDM,

If the banks just wanted their money back they would merely have continued the facilities as is. They do want significant upside, particularly in this climate. Think of it as a premium for risk taken.

I agree with Mike Smith's comments and I must take my hat off to him. It was a pretty "ballsy" thing to say particularly since no other big four CEO had the guts to go on the record.

I also have said in previous posts that life has been unfair to Mike Smith (if that's possible) because he is probably the only one that truly and purely inherited the issues for which he was not responsible. He was acutely aware that if he did not tow the line he would be scalped nonetheless.

I also have the feeling that Ralph Norris really thought he could get away with what I would call his Hubris.

Alas it was not to be. Consumer confidence and sentiment always wins out in the end. If it's important enough to win elections, it's a heck of a lot more important than whether a Kiwi running an Aussie bank thinks they don't need a client like Centro.