I thought a real classic in the GFC was with mortgage funds. They had genuine worries about redemptions and were after assistance - well you can argue the toss either way about that; my take would be read the fine print before investing. However I digress.
The real clanger was that Rudd & Swan told mortgage funds if they wanted assistance, they should apply to become banks! I mean what level of utter and total lack of understanding of the financial system and how it operates are we dealing here with these guys?
