Comments on: ANZ Takes Lambs to the Slaughter

By: xoc

xoc — Tue, 14 Jul 2009 21:07:39 +0000

To claim that public sector jobs are “…the part of the economy that leaches taxpayer money without providing anything of any productive value” is just silly dogma. How well would our economy function without education, health-care, roads, a legal system, a defense force, etc?

There is an extremist ideological point of view that says private enterprise is always better than public enterprise, but it doesn’t stand up to rational scrutiny. Certainly there are many situations where the government should get out of the way and let the free market create wealth, but its not a panacea and its not without its own corruptions and inadequacies. After all, the free market is made of the same fallible humans as the public service.

If the free market is such a superior system in all circumstances, then why is the internal structure of all the most successful corporations more akin to communism than capitalism? Corporations are a set of collectives (divisions) run by a committee (the board). There is no internal “invisible hand” or survival of the fittest (unless fittest means most inter-personally politically adept). If capitalism was the pinnacle of efficiency and creativity in all circumstances then corporations and employees would always be out-competed by individual private contractors forming strategic alliances.

By: Ciao

Ciao — Mon, 13 Jul 2009 03:09:26 +0000

The ANZ Grindlays debacle should have been a sobering but yet the board rolls out a Brit hanging onto colonial delusions and trying to buy up assets his former employer couldn’t make work. Seedy Brits in crumpled suits hanging out in Hong Kong and the middle east are now seen as decrepit by more vibrant new local generations.
We also have NAB revisiting past failures in blighty and seeking to burn as much capital as Pearl did for AMP.
Our editor needs to give us a report on Hobart as your contributor is thinking he needs a few days respite there too!

By: Greg

Greg — Sat, 11 Jul 2009 14:35:35 +0000

Well, it is not that simple. Australia has always imported capital due to our expanding economy and low rate of savings and typically 1/3 to 1/2 of the bank funding requirements was overseas borrowing. The crisis reduced an amount of money the banks were able to borrow thus creating a credit rationing. In fact, the banks are slaughtering the economy as solid businesses cannot borrow, even for operational cashflow as credit departments do not sign anything. Under those circumstances the ANZ’s wish to get funds from the public is prudent and should be supported provided that they lend money here rather than speculate on overseas markets.

By: etch

etch — Fri, 10 Jul 2009 11:21:47 +0000

is it too late to put down the 15 thou ?????????????????????

& then cash it in for 16.5 thou

whers the form to sign ?
who do i ring??

By: Justin

Justin — Fri, 10 Jul 2009 01:37:22 +0000

I beg to differ, you had to be a complete moron not to have bought your full $15,000 of ANz shares in the SPP. What sort of a fool doesn’t want to buy $16,500 worth of ANZ shares for $15,000?

You only have to wait less than 2 weeks to sell the shares and make an annualised return of 260%!

Those ANZ retail shareholders were pretty stupid weren’t they? Just like the CBA shareholders, MQG shareholders , AXA shareholders…..etc etc etc.

You know you can still stick to your message without being blindingly obtuse.