I'm not a bank fan BUT the blame for this lies with:
1. OPES PRIME who failed to properly manage risk in their business in letting clients with margins NOT provide the cash when asked.
2. The clients of OPES who failed to read the Financial Services Guide. And their personal risk management must be abysmal to get in this mess.
3. ANZ and ML provided substantial funds to a business I suspect they twigged in the latter stages was not what it seemed. To provide such large sums AND not be in control is a serious risk issue for the banks.
The fact that the banks have grabbed the assets pledged and now selling into the market at bargain basement prices is simply STUPIDITY but I do understand their need to bring the cash back onto their books.
