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The value of shares in the Big Four - Australia & New Zealand Bank (ANZ), Commonwealth Bank of Australia (CBA), National Australia Bank (NAB) and Westpac - that were sold short totted up to 9.03 billion Australian dollars ($6.52 billion) as of May 16, up 85 percent since the start of the year, according to data from the Australian Securities and Investments Commission (ASIC).
originally posted by: markosity1973
As a kiwi who moved here 10 years ago, I'd say Australia is about 20 years behind where New Zealand is financially. Which is sold out to China, no hope of owning your own home on the lousy money they pay and no hope of a good paying job any more.
Global trade is evil. We should only ever trade in raw materials, no fully made up products - they should ALWAYS be made in the country they are bought in.
now throw into the mix a banking fraud investigation, the collapsing housing market, the rapid decline in resources and commodities prices.. you start understanding why people are shorting the banks... It feels like we're about to be hit by a tidal wave!
Bank of America Penalty Thrown Out in Crisis-Era ‘Hustle’ Case Appeals court says government didn’t prove case, bank doesn’t have to pay $1.27 billion