Have to agree Tas and ANZ are afterall a local company on our stock exchange...come to expect the worst from US ones - but an Australian Bank?????!!!!!
Also Merril have not disposed of their the smaller end of their "dirty money" holdings and they only need to declare when they have a "substantial holding" as with GBG (see announcement)............
"ANZ is owed $650 million. Merrill is owed $500 million. Both banks have begun selling the shares they have seized, with the American bank the most aggressive so far.
It has sold all the blue chip stocks it has on hand. These were the stocks that were easiest to offload. It's now faced with the problem of what to do with the small cap stocks.
I took this to mean that Merril had sold their blue chips and were faced with the problem with what to do with their small cap stocks....thoughts?
Ultimately, the problem is that you have 2 entities working entirely differently but with the same end result in mind - return the money at whatever cost to the unsecured creditors.............
