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 Superannuation funds rort in Ausralia

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Afferbecklauder
Master of Master Baiters


Joined: 08 Jan 2007
Posts: 923
Location: Wide open spaces


PostPosted: Sun Mar 30, 2008 8:26 am Reply with quoteBack to top

Not quite sure where to post this.

In Australia, in the aftermath of the share market collapse, investigation by the corporate watchdog, ASIC, has revealed a practice of "lending" shares to bypass the stringent regulations on "short selling" The link is here:

http://business.smh.com.au/opes-collapse-could-reveal-a-sordid-tale-of-shortselling-super/20080328-227c.html

Apparently corporate cheats have found a way to rip off superannuation funds at the expense of contributors to those funds, and it's all perfectly legal.
Superannuation has been compulsory in Australia for about 20 years.

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UR BASTARD GOMER COS IN NO BE MISTER ATALL U SILLY
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sheboppe
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Joined: 10 Dec 2004
Posts: 5002
Location: United States


PostPosted: Sun Mar 30, 2008 9:06 am Reply with quoteBack to top

^^^ It's okay to post it here. Very Happy

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