Commonwealth Bank, which hasn’t disclosed how much money is at risk, warned on Nov. 13 that bad debts may double in fiscal 2009 as the Australian economy falters and Australia’s benchmark stock index heads for its worst year on record. Australia & New Zealand Banking Group Ltd. has also reported rising bad debts after funding failed companies including Opes Prime Group Ltd., a specialist in margin-loan brokering.
http://www.bloomberg.com/apps/news?pid=20601081&sid=add1.r4llT0c&refer=aust
It appears every one else except the ANZ was aware that Opes was margin lending ,remarkable when advances of $1 million are made they are unaware of the truth.
Commonwealth Bank, which hasn’t disclosed how much money is at...
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