no risk ,no gain.see how an organisation which is supposed to
''represents the interests Australia's superannuation funds, their
trustees and their members.''
may lose billions of dollars in Oz property firm.superannuation
funds like CPF in
Singapore.
My first question is how come this body is needed?To create
jobs?
Or They dunt trust
Oz Taxation Office who runs the
fund?
My 2 nd question is wa,this body is holding billions of
dollars?
Who oversee the money?
1.www.news.com.au/heraldsun,19.12.2007
Superannuation pain over Centro
Ben Butler and George Lekakis
December 19, 2007 12:00am
AS much as $5 billion in superannuation money is exposed to
troubled shopping centre giant Centro, according to the industry's
peak body.
The money is in grave risk after two days of savage selling on the
share market slashed the group's value to $2.2 billion from more
than $8 billion on Monday.
The big banks, including the Commonwealth Bank, ANZ and National
Australia Bank, are also braced to absorb hefty loan losses after
the Herald Sun learned yesterday they had lent Centro $4 billion.
..
See how the smart guys did....
...Investors in the retail funds run by banks and other
financial institutions appear to be most exposed, as industry funds
have largely quit the sector.
Construction industry fund CBus, which has $4 billion under
management, pulled back from investing in the sector three
or four years ago, chief executive Sandy Grant said.
The fund's total exposure to listed property is less than 1 per
cent, he said.
He criticised the lack of transparency in the sector.
"We've had a feeling for a long time they've been
over-priced," he said.
Motor industry fund MTAA, which has $6 billion under management,
and retail fund MLC, with $110 billion, both said they were in
similar circumstances. ...
In investment,u need guts to do different things.
Dunt follow the crowd....
