Thursday, November 13, 2014

Timbercorp and the ANZ

I attended the Senate Inquiry into the Timbercorp collapse yesterday morning. It was very moving to listen to the account of families now facing the loss of their family homes and the loss of their life savings as a result of this scandal.
I believe the ANZ Bank should now put a halt on debt recovery action while the Senate Inquiry does its work. The ANZ Bank recently announced a record full year profit of $7.3 billion. I don’t think ANZ shareholders would want to see their share dividends beefed up by the ANZ foreclosing on ordinary families and driving them into financial ruin and destitution. They should now suspend debt recovery action and, subject to the Senate Inquiry’s findings, they should waive debts that would not have arisen but for negligence.

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