Naked Among Cannibals: What Really Happens Inside Australian by Graham Hand

By Graham Hand

This insider’s tale explores how Australian banks have misplaced the belief and appreciate in their consumers by means of relentlessly pursuing earnings. It describes a few of the new units applied through the country financial institution and followed via different banks to extend their sales to the detriment in their employees and customers.

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Extra info for Naked Among Cannibals: What Really Happens Inside Australian Banks

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O’Neill told Trevor Sykes in The Bold Riders: Don’t take comfort from the fact that the lead manager is a big international or Australian bank and therefore must be smarter than you. A lot of us learned that you should not just rely on the lead major. You have to be doing all your own due diligence. 9 The end of the other state banks 35 Predictably, foreign banks such as Citibank, NatWest, Mitsubishi Bank, Barclays Bank and First Fidelity also joined in the efforts to subsidise the ambitions of corporate Australia.

Many of his now public thoughts echo the earlier views expounded in the Business Lending Policy and Practice Task Force Report. It seems Australia suffered a fairly typical ‘financial mania’ during the 1980s, the genesis of which was evident as early as 1984. The paradigm—asset speculation, Ponzi-style borrowing, the emergence of fraud, hesitation, refusal to lend—is clinically described in papers by American economist Hyman Minsky. A seemingly endless catalogue of examples is provided by economic historian Charles Kindleberger in his book, Manias, Panic and Crashes (which is even in the Reserve Bank library).

An insight into credit policy and events in Australia during the most critical period of the recession can be gained by reading these extracts from a paper published in Quadrant Magazine in 1992, written by Peter Apps. Many of his now public thoughts echo the earlier views expounded in the Business Lending Policy and Practice Task Force Report. It seems Australia suffered a fairly typical ‘financial mania’ during the 1980s, the genesis of which was evident as early as 1984. The paradigm—asset speculation, Ponzi-style borrowing, the emergence of fraud, hesitation, refusal to lend—is clinically described in papers by American economist Hyman Minsky.

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