Fallout from the Senate Inquiry is plain: ASIC is going to have its hands full. Reading stuff like this and this, makes me wonder how LM implosion the attention it deserves. While I may well be wrong about this, it just seems that it is difficult to fathom recovery strategies for investors such as us that don’t depend on ASIC having a large supporting role.
For example, my own research reveals that LM MPF was definitely a Ponzi scheme, but me saying that means nothing. We need someone like ASIC to declare that, you know, yeah, it was.
Perhaps job #1 is getting the LM implosion as much a part of this narrative as the Commonwealth Bank is in ASIC’s legacy.