The Commonwealth Bank is being sued in the Federal Court by Ken Done, who is arguing that the funds manager diminished his wealth from $53 million to just $8 million.
Wow! That's what I call funds management. I have no problem believing it at all. Probably most of the losses were fees. Just further evidence of the incompetency and deception of the banks. I don't need to await the outcome of the case, as I have seen first hand evidence.
The loss occurred around 2001-2005. This corresponds to the best period of the resources boom. They had invested his money in soccer teams, etc. Maybe the cocktail lounge was double booked. That's the only way I can explain the loss?
See the story here.
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Andrew Sheldon www.sheldonthinks.com
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