Just to discuss a few of ZWU's points which I think are quite...

Just to discuss a few of ZWU's points which I think are quite subtle but important to understand...

GTP, TIM failed because the banks demanded their loans back during GFC and neither company could immediately pay....Their only alternative was to sell assets at the worst time imaginable...hence administration when the assets could not be realised at appropriate prices..To draw a parellel example...

You buy an investment property that makes a profit every year you have it, a generally rising profit....and then when market is down, the bank demands the money back immediately.....few real estate investors could deal with that call.....but that's the risk of corporate debt covenants....

There was never any question at all, that however dodgy the MIS products were; they were an effective and wanted product by those Macquarie Street 'farmers' who needed them....the profits of these entities was not generally in doubt but they were predicated on their products continuing to be legal and bankers continuing to loan money honestly