jpmorgan warnns about anz first wave, page-33

lol of course your right Kurt (love the name by the way)

but thats what got me interested :) otherwise I wouldnt have noticed, till then I had been focussed on BNB and MQG

so while the introduction was inspired by a bit of agro the investigation was purely academic

someone mentioned it the other day, if you stick enough smart folk in the eye you going to inspire some very close scrutiny, its the nature of the Opes type debacles, that kind of poor management makes peoples radar blink

now ive read almost everything that ANZ has written in the last 5 years, plus all the analysts ad the more angles i look at it the more I realise the Opes things is fortuitous

so far from being bitter, it appeals to my sense of humor that opportunity can be found from adversity, so while we started out a bit outraged and defeated etc (like the others) we can look back and say we all became the richer for it :) and that ANZs incompetency with respect to Opes alerted us to the systemic risk management issues that allowed us actually profit form the debacle

Over the next few weeks I will post some of my deeper researched pieces about ANZs expsoures Im just waiting for their annual risk managment presentation, the more I look at this the more I am convinced ANZ (with NAB) are exposed to some major systemic risk management issues