Australian Banks advanced Structured Finance of “ENRON”

Australian big Banks devise and advance Structured Finance of “ENRON”:
  • to book massive profits;
  • AMP Superannuation Fund to do deal with AMP Limited, so AMP Limited was on both sides of the transactions; and
  • BT Funds Management Limited to do deal with Westpac, so Westpac was on both sides of the transactions;
  • AMP Limited to bury its debts and/or losses in AMP member’s superannuation;
  • Westpac to bury its debts and/or losses in BT member’s superannuation.