Potholes not pitfalls on Macquarie’s road
Macquarie: Getting out
As Lehman went under and Merrill Lynch lost its independence last year, attention turned to investment banks across the world. What of the pretender from the southern hemisphere?
At first glance there were plenty of reasons to wonder about Macquarie. There were widespread questions about leverage in the funds model, the strain impairments in those funds might cause on the parent, and the fact that two Australian groups that imitated that model, Babcock & Brown and Allco, both went bankrupt.
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