Spot the difference:
Exhibit A
"A Ponzi scheme is a fraudulent investment operation that pays returns to separate investors from their own money or money paid by subsequent investors, rather than from any actual profit earned. The Ponzi scheme usually offers returns that other investments cannot guarantee in order to entice new investors, in the form of short-term returns that are either abnormally high or unusually consistent. The perpetuation of the returns that a Ponzi scheme advertises and pays requires an ever-increasing flow of money from investors in order to keep the scheme going. The system is destined to collapse because the earnings, if any, are less than the payments." - Wikipedia.
Exhibit B
A Macquarie externally managed trust scheme is a legal investment operation that pays returns to investors from their own money or money paid by subsequent investors, rather than from any actual profit earned. The Macquarie scheme usually offers returns that other investments cannot guarantee in order to entice new investors, in the form of short-term returns that are unusually consistent. The perpetuation of the returns that a Macquarie scheme pays requires an ever-increasing flow of money from investors (and banks) in order to keep the scheme going. The system is now collapsing because the earnings have been less than the payments - after killer interest bills on a mountain of debt.
The pertinent statement from teh article as I see it:Here is the story of an MQG Independent Director...
** dum dee dum dee dum dee dum dee dum dee dum dee... and I shall a 100 chars if I try hard enough.
But the Bermuda-based Jeffrey Conyers said he had not disclosed his wife Edith Conyers' business relationship with Macquarie Airports (among others) to unit holders because he did not consider it relevant.
Spot the difference:
Exhibit A
"A Ponzi scheme is a fraudulent investment operation that pays returns to separate investors from their own money or money paid by subsequent investors, rather than from any actual profit earned. The Ponzi scheme usually offers returns that other investments cannot guarantee in order to entice new investors, in the form of short-term returns that are either abnormally high or unusually consistent. The perpetuation of the returns that a Ponzi scheme advertises and pays requires an ever-increasing flow of money from investors in order to keep the scheme going. The system is destined to collapse because the earnings, if any, are less than the payments." - Wikipedia.
Exhibit B
A Macquarie externally managed trust scheme is a legal investment operation that pays returns to investors from their own money or money paid by subsequent investors, rather than from any actual profit earned. The Macquarie scheme usually offers returns that other investments cannot guarantee in order to entice new investors, in the form of short-term returns that are unusually consistent. The perpetuation of the returns that a Macquarie scheme pays requires an ever-increasing flow of money from investors (and banks) in order to keep the scheme going. The system is now collapsing because the earnings have been less than the payments - after killer interest bills on a mountain of debt.
I have had a run of good luck in prophesying the demise of 3 of the biggest ponzi's in recent Australian corporate history.
The first was AFG. Allco are gone.
The second was BNB. Babcock are gone.
The third was MQG.
Roll on Octoberfest.
Schadenfreude.
gg
GG
Methinks you will be wrong
This was a very tidy profit earner for those of us who realised $15 was ridiculous, although I personally sold out at $30, so missed quite a bit of additional profit.
MQG is an APRA licensed investment bank. It is not a ponzi scheme. It has evolved to meet changing regulatory requirements and will continue to do so. It is an example of Australian excellence on a global scale.
I predict 2011 will be a record profit year for MQG
I say this despite them once turning me down for a job.
Allco Finance doubles profit
SMH
By Lisa Murray
November 23, 2005
David Coe's Allco Finance Group more than doubled its net profit last financial year to $13.9 million as it raked in fees for finding and structuring deals.
The group is looking to merge with its main client, Record Investments, in which it has a 24 per cent stake, to create a financial powerhouse that would compete in the same league as Macquarie Bank and Babcock & Brown.
GG
But hey if that is what you think, a lot of money to be made from buying deep out of the money puts.
Not now. I wouldn't want the guvment coming after me for buying out of the money puts after a post like that.
gg
If you are not careful they will come after you for your initial comment. Rumourtrage is illegal, so unless you have something to back it up..
i still remember GG saying a month a go MQG was gonna drop back to $1
i'm swimming in MQG profits, but GG may not like bitter grapes!!
http://www.ft.com/cms/s/0/c8411598-adec-11de-87e7-00144feabdc0.htmlAustralia’s Macquarie Group on Wednesday said it would buy Fox-Pitt Kelton Cochran Caronia Waller, a US-based boutique bank, in an effort to turn itself into a global player in the provision of banking services to financial institutions.
Macquarie will pay $130m cash for FPK’s equity and will assume $16.7m of long-term debt, with some of the payment spread over four years following the deal’s closure later this year.
http://www.theaustralian.news.com.au/business/story/0,28124,26171934-36418,00.htmlTHE corporate advisory arm of Macquarie Group has appointed Sam Small to head up its European mergers and acquisitions unit.
Mr Small, who becomes a senior managing director, was most recently managing director in Citigroup's M&A global markets division.
MACQUARIE Group will ask shareholders to approve about $18.6 million in new shares for chief executive Nicholas Moore as part of an overhaul of remuneration for the investment bank's top executives to drive up long-term returns.
And if the shareholders dont like it, they can get stuffed. We will take the cash anyway.If the approvals sought by Macquarie are not obtained, Macquarie will need to consider other alternatives," the bank said yesterday in its notice of meeting to shareholders.
I think "reduced alignment with shareholders" is MacGrab speak for "F*ck the shareholders".This will likely result in higher cash payments to executives and reduced alignment with shareholders in at least the short term.
$18.6m share plan for Macquarie boss
http://www.watoday.com.au/business/186m-share-plan-for-macquarie-boss-20091117-ikfr.html
And if the shareholders dont like it, they can get stuffed. We will take the cash anyway.
I think "reduced alignment with shareholders" is MacGrab speak for "F*ck the shareholders".
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