hedges aussie $$, page-8

defab,

that's precisely the point and one which you and I were discussing the other day.

A lot of teh perceived conflicts of interest and the highlighted need for board spearation revolved around the management fees that were stripped out of subsidiary entities like CER.

However, there needs to also be a focus on the fact that CNP as counterparty stripped out monumental sums of money out of CER but implemneting FX hedges so out of the money that they would unlikely ever be in or at the money.

Fortunately we are now at or near that "unlikely situation" with hedges about to be closed out imminently.