This in itself does not cnstitute an offence of any sort. Whats perhaps in question here is the ANZ's and other banks culpability as lenders. What were the disclosures they made to investors including the firm Opes Prime to pass on to their clients.
Other information that the ANZ and other banks are coy about includes the expertise and experience of the legal firms that advised them.
My concern is that the regulator passed the idea of marging lending and other products without a proper due diligence or the capacity to udnerstand the nature of these products.
If you go back into our recent history, all of the major collapses had much to do with morons placed in hgih management positions with these institutions because they came from the right pedigree. The main universities and public schools of our cities, their dad's or mums held positions of authority or they came through the ranks of the Big law firms. Not necessarily good law firms but Big law firms.
