and yet another mistake...Rudd’s $83 million mistake 55 Comments...

and yet another mistake...

Rudd’s $83 million mistake
55 Comments | 0 Trackbacks | Permalink Andrew Bolt Blog
Andrew Bolt
Tuesday, October 28, 2008 at 09:19pm


Taxpayers face the first big bill from the Rudd Government’s bungled attempt to stop a run on the banks - and causing instead a run on other financial institutions:

Prime Minister Kevin Rudd tonight announced the government will give Australia’s financial regulators an extra $83 million over four years to help them deal with the global financial crisis.

Some of the money will go to the Australian Prudential Regulation Authority (APRA) to help it respond to applications from financial entities seeking to become authorised deposit-taking institutions (ADIs), and thus be covered by the government guarantee…

The move is aimed at fixing an unintended consequence of the government’s guarantee scheme, which left some $12 billion of investment funds frozen because they were not covered by the guarantee.

An $83 million mistake, not including the losses to the institutions and ivestors. And that’s not the end of it yet.