There is a rumour now that Babcock and Brown legal advisors who knew of and failed to advise them against some of the transactions that involved the company and some of its (third party) clients will be fired or will of their own accord resign before the proverbials hit the fan.
Babcock and Brown made lots of money for a group of private investors who knew of and who were tipped off about when to sell at the start when they listed. The matter was not then investigated by ASIC or the ASX because we were n the midst of a boom cycle. Apart from these reasons the regulators had neither the proverbials between their legs or ears to know what to do or where to look.
There is a whole spate of litigation afoot to be joined with more to come now that the old big dog is down.
