Liquidator PPB Advisory has confirmed to The Australian that the 300 councils and charities that are estimated to have lost $250 million in investments on the banks complex financial products called collateralised debt obligations, or CDOs were now likely to receive 100 cents in the dollar as part of their settlement with the Australian arm of Lehmans.
Lehman investors to recover 100pc of losses in win by PPB
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Permalink Reply by Patriot Pete on
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Deal struck !
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The Aussie councils will celebrate their win by blowing the recovered investment funds on lavish "fact finding mission" holidays, spend it on anything but local infrastructure - you should see the poor excuse for a dirt road I must navigate along leading into the town I'm making my new home .... nearly need a new front suspension every few months ! .... and this town is only 95 miles as the bird flies, from Australia's largest city, Sydney. Local councils are quick to grab your money, but not so generous when civilization is at stake. Investing in derivatives seems to be their new "civilization", stuff the local tax payer !
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Permalink Reply by truth on
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Were you involved with them Peter? I noticed you posting on them before.
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Quite the opposite James, I've got more sense than to gamble my money in wild and woolly investments. In fact, I though govts', local or otherwise, were disallowed from investing, but apparently they are allowed. It'll teach em a lesson though, hope they learned all about derivatives and debt swaps, but being the dumb asses they are, they'll probably go straight back into it, can't fix stupid! Now I'm wondering how much of that $250 mil will be for legal fees and incidentals, some law firm will make a quick buck given the speed of settlement
In the greater scheme of things $250 mil is not much but if my local council had just $8 mil of that 250, the residents of my new location might have a half way decent road to drive on without the clouds of powdery dust and the necessity to replace shock absorbers often. Like I said, they're quick enough to grab your taxes but gettin' anything out of them only turns into a dog fight
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