12 April 2008
Opes Prime
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The Opes Prime saga took some rather incredible twists and turns this week.
The week began with the astonishing image of Melbourne underworld figure Mick Gatto jetting off to Singapore, apparently on the hunt for money lost by clients of the disgraced broking house.
A few days later that spectacle was countered by the somewhat more sober observations of Justice Ray Finklestein.
The Federal Court judge has set a date for a ruling on the legal nature of stock lending practices; in layman's terms it appears he's set out to define exactly what 'ownership' actually means in the context of Opes Prime, its aggrieved clients, and one very big Australian bank.
That bank is the ANZ, and right now its reputation has taken a battering as it attempts a fire sale of stock that Opes Prime had used as collateral to borrow money from our third biggest bank.
Guests
Alan Kohler
Editor and founder The Eureka Report and Businessspectator
Story Researcher and Producer
Scott Wales
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