What damage will this cause to ANZ?

Robert Gottliebsen posted a great article on Business Spectator today in regards to how ANZ might be affected by the fallout from the Opes Prime meltdown. To quote:

"If the ANZ suddenly encounters big unexpected losses (a risk in tightening times), then because of the effect of the Opes stench on public confidence, it will be vulnerable to a low cost control attempt."

I have always maintained that ANZ could have taken a more conciliatory approach in this matter and taken on the management of the Opes loan book themselves in the first few weeks. Then performed an orderly call in of all margin loans ans sell down of of accounts that were in default. It would have been the RIGHT thing to do and the CHEAPEST thing to do. The approach they have taken now will end up costing them years in the courts and irreparable damage to their reputation. Vote on the poll on the right to give your view.