for opes affected members 3

Alan Kohler's latest views are in this link ....

http://www.businessspectator.com.au/bs.nsf/Article/ANZs-new-monster-GBSS8?OpenDocument

... containing this snippet. -

"There are half a dozen separate Opes lawsuits, including two class actions, against ANZ. Sources inside the bank have confirmed that there is virtually no chance of a settlement and that they will all go through the courts all the way, and hang over the bank for years."

This would be dissapointing but, sadly, perhaps not far off the mark.

The article also contains explicit contains suggestions that ANZ simply didn't know what was going on at either Chimera or Opes. If this were the case it would be very worrying for anyone who has anything to do with the bank.

Luckily, this punter speculates that this is not the case and that lots of senior people knew exactly what was going on. They were simply aggressively going after more market share in the lending business and failed to meet some key ethical and moral guidelines in the process, nevermind the myriad of procedural and technical points they missed.

It is possible that ANZ have now entered the PR phase of their Three Monkeys defence and various well-meaning journalists are being sucked in. I implore the journalists involved not to do so and to keep a level head.

Let us also hope that Three Monkeys doesn't work in court, or we will all be poorer for it. A victory based on such a defense would set a very unhealthy precedent indeed.

Can you imagine what sort of a state we would be in if the "parent" organisation in any litigation simply had to feign ignorance of the "childs" behavior to avoid liability.