Quote Originally Posted by macduffy View Post
Yes, too big to fail, perhaps, but for Westpac shareholders the concern was that the heavily discounted rights issue needed to right the ship might "fail" and that a marriage with another of the big four might be ordained, to the disadvange of WBC shareholders. We can be rather relaxed about it now but at the time it was a serious concern, as evidenced by the bargain price at which the shares and rights traded.
I seem to remember it only took one boardroom appearance by Kerry Packer and Al "chainsaw" Dunlap,for the Westpac board to regain focuss.!