"I WOULD NEVER WANT TO BELONG TO ANY CLUB THAT WOULD HAVE...

"I WOULD NEVER WANT TO BELONG TO ANY CLUB THAT WOULD HAVE SOMEONE LIKE ME FOR A MEMBER."

And should be what many of the 1200 or so people,many of them in managerial/directorship positions,need to be telling themselves in relation to the Opes Prime debacle.

Take our fallen ex-chairman for example.

First this quote from this article:
http://www.misaustralia.com/viewer.aspx?EDP://20080410000020525874

"Instead,he (ex-chairman)said,took out their margin loan with Opes Prime SEVERAL YEARS AGO (my emphasis)after looking at several prospective lenders.

Several years ago?!

What possible shape or form could Mobi have been in as an ongoing financial concern,to take out a margin loan on,as we as present holders now know that all the heavy lifting for the company has been done in just the last six months or so.

Also didn't any alarm bells go off due to the fact that no reputable securities company would in fact give out a margin loan on any company well and truly outside the ASX 200.
In fact collateral requirements are even (or used to/should be) more stringent.
They certainly are with my mob at Macquarie.
BHP,TLS,ANZ,WOW,...you get the picture.

LOL.Did he think he had the crown jewels in his possession??!!.......
,,,,,,,,and this takes us to Groucho's quip.


And then our ex-chair really gets started on the blame game:

"The problem is,if one person in isolation told you about this you'd say,'You're nuts, you never read the contracts,you never did this,you never did that'.
"But there are 1200 people,from what I've read......."

Well really.
Come again!

'you never read the contracts,you never did this,you never did that'
Sounds a bit like what us shareholders are faced with every time we decide to take up an investment in an ASX listed company.
Right?!
What sort of recourse do we have when the investment decision goes wrong??!!
Like our MBI shares at the moment taking an extra 20% to 30% hit on the back of Opes Prime.

And here we supposedly have leaders within certain industries crying foul play like our ex-chair, who I must add is not the only person crying over spilled milk within the 1200.
What you reap is what you sow fellows.

This is where of course the term 'DUE DILIGENCE' comes in.
AS we all know this is "euphemism speak" for READ THE BLOODY CONTRACT,prospectus,quarterly/yearly financial report etc.
Or pay a lawyer to explain it to you.

But here we have an ex-chair saying that,well perhaps,he and all the other custodians of shareholders interests should perhaps be excused because,hmmmm - well we at the "top" don't believe in eating our own.

ROFLMAO.

The Banks run the world you gooses and they'll eat you for dinner every time you let them in.

It's called COUNTER PARTY RISK F----chan.

DUH!
CAPICHE!

Expensive lesson.

Also you can be sure fellow Mobi holders that those 100 days are most likely being very wisely used.
We'll soon enough find out what sort of real evaluation MobiData has.

More later.

Cheers.