Thursday, December 07, 2006

Beaconsfield, Allstate and Macquarie Bank

I posted on the mining disaster faced by Allstate Explorations at Beaconsfield Tasmania earlier this year.

As a sideline recall that I pointed out that the smarties at Macquarie Bank had previously acquired $77.5 million dollars worth of Allstate Explorations receivables for $300,000. The sort of deal that gives the Macquarie boys healthy Xmas bonuses (as well as effective control of the Beaconsfield operations) but doesn't bring much cheer to Allstate Explorations shareholders. A court has just found that the latter may have the right to sue Macquarie. Good.

A book length treatment of this whole saga - including an explanation why the mine at Beaconsfield continued operating even though the local community believed it to be unsafe - should be written. Its the sort of episode that makes me think badly of the economic system - capitalism - I so frequently defend.


Anonymous said...


I find the moral/integrity standard of these bankers is even worst than the street hooker in King Cross.

CRS is another gold mining company has Gold Hedging deals with Macquire Bank. CRS is now under receivership. Same as the Allstate Mining Saga, there is somehow a hidden hand behind to make CRS dumping the asset at a huge loss. No wonder these Macquire boys can have millions $ as their annual salary.

For a bigger picture, it is a scam for the world banking cartel to control Gold Price. Gold is the natural enemy of our current fiat money system which was establish in 1945 known as Bretton Woods Treaty. It was sort of pseudo Gold standard till in 1971 August, Richard Nixon has scraped the whole system by refusing exchange USD $ to Goold.

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