TBM
why do Australians always want to blame some third party eg banks, CASA, etc for the short comings of a commercial enterprise that failed?
I hope you were not suggesting I was blaming the banks for the failure. I agree 100%, it is not up to CASA or anyone else to oversee a company and its affairs like that.
However....Banks like ANZ do require property developers etc to have large ammounts of equity before they underwrite a project, so why is it that the banks take on such underfunded, under planned, and under resourced operations, when they would never do that for a land development?
I know only a little about this from talking to one of the big end of town ANZ lending exec's who explained this to me recently. My insides were rolling in laughter when I heard this and compared it to some other bad investments made by ANZ in recent years that were just coming home to roost. Clearly ANZ were not too smart in the last 5 years, and nothing has changed.
The problem here is the bank suffers losses that affect shareholders, and the mum and dad folks fees and interest rates all go up. So my question is .......Why??
How do the banks let this start...let alone continue 
Not enough due diligence from all parties involved. And nothing to do with CASA, and best that way too, they have enough to do and can't.