I've just finished reading an absolutely cracking book (which, in the interests of full disclosure, was written by a friend of mine) called Pigs at the Trough: Lessons from Australia's Decade of Corporate Greed.
The books covers the back-story of what happened at ABC Learning Centers, MFS, Babcock and Brown, Allco Finance Group, Telstra, Village Roadshow, Timbercorp, Great Southern Plantations, Asciano, Toll Holdings and MFS. (Each chapter has heaps of a background on the key figures involved, like Eddy Groves or Sol Trujillo, and is littered with investing tips throughout).
It's almost impossible not to feel somewhat sick at the sight of investors losing a bundle, while the executives who caused the mess retaining billions in dubious related party deals or generous remuneration from their mates in the boardroom. It is really no surprise how ABC Learning Centres ended up when you read how Eddy Groves paid his brother-in-law more than $100 million, or the tens of millions David Coe and Gordon Fell reaped from selling Rubicon to Allco.
I usually hate business books but read this one because I know the author but I loved it, wasn't boring at all, had lots of facts and background on those guys like Phil Green, Eddy Groves and David Coe which I knew very little about.
The book was written by Adam Schwab, a mate of mine who is a former lawyer and journalist with Crikey (who told me to short ABC Learning at $8 and I stupidly didnt and was a long-time critic of Babcock). Can buy on line at Booktopia or at most book stores I imagine.
