S&P vows vigorous defence against councils’ ‘lawsuit is without merit’

By Julian Bajkowski Global financial ratings agency Standard & Poors has vowed to fight fresh legal action against it to recover millions of dollars lost by dozens of Australian councils after the local governments bought into junk, sub-prime instruments graded by the firm as AAA and AA quality investment products. The confirmation by S&P that […]

Lehman Brothers, Grange liable for council sub-prime losses

By Julian Bajkowski Local governments, charities and and not for profit groups have finally won a phyrric victory over collapsed US investment bank Lehman Brothers, after the Federal Court ruled that the institution is ultimately liable for almost $250 million in losses suffered by investors. Handed down by Justice Steven Rares on Friday, the decision […]

Maitland Council investments under review

By Angela Dorizas The New South Wales Department of Local Government said it would take a closer look at Maitland City Council’s investment portfolio and reporting in response to council’s differing accounts of the number of collateralised debt obligations (CDOs) it holds. Maitland Council issued a press release, dated 3 April 2008, claiming to have […]

Maitland Council caught in investment maze

By Angela Dorizas Maitland City Council has potentially misled constituents on its exposure to financial investments tied to the US sub-prime crisis. The NSW Department of Local Government (DLG) is now taking a closer look at the council's investment portfolio in response to differing accounts of the number of collaterlaised debt obligations (CDOs) the council held. […]

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