[BITList] Aussie Investing

[franka]

Dave
Its bad enough losing money though ones own judgement but having it 
forced on one by so called experts really sticks in the craw, its no 
wonder the country is really in such a bind when we have the likes of 
these short-sighted experts with only their own vested interests at 
heart in charge. What ever happened to statesmen
frank

On 8/22/2011 7:50 PM, David Harvey wrote:
> Heartily agree with those figures Frank. One thing though the 
> retirement village I live in invested $1m. with Lehman Bros. (Money on 
> hand that had to be used for rebuilding a bit down the track). At the 
> Board Meeting where it was decided to make this investment I spoke 
> against it but was overruled by the remainder of the Board, including 
> the the Chairman who was the Western Australian State Treasury Under 
> Secretary and is now the State Auditor). I thought the interest 
> offered was too high and that it was an unsafe investment. I succumbed 
> to the better knowledge of things financial by those "business" people 
> who sat on the Board so eventually shut up. I was the representative 
> of 1100 residents in the Village.
>
> Having said that though the interest on the investment is still being 
> paid although we are told the capital is gone. About 18 months ago the 
> ANZ Bank offered to purchase our investment at .95cents in the dollar. 
> Again I was the lone voice that wanted to accept, the logic being that 
> with interest already received we would not actually loose any cash. 
> One other voice wanted more detail, but I lost the argument.
>
> I have since resigned from the Board.
>
> Dave