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Local Government Investing: A Form Of Gambling?, Gregory Jones, Graham D. Bowrey
Local Government Investing: A Form Of Gambling?, Gregory Jones, Graham D. Bowrey
Faculty of Commerce - Papers (Archive)
Currently in the state of New South Wales (NSW) local government councils have the authority to invest ratepayers‟ money. At the end of 2006-07 financial year local councils in NSW had invested $590 million dollars in structured financial products such as collateralised debt obligations (CDO). Six months later the market value of these investments dropped $200 million to $390 million. In the light of these significant losses the NSW state government commissioned a review of the financial investments of NSW local councils to be undertaken. The Review, Cole Report, published in 2008 found that while acting within the parameters of …
Public Sector Gambling: Local Council Investment Exposures, Graham Bowrey, Greg Jones
Public Sector Gambling: Local Council Investment Exposures, Graham Bowrey, Greg Jones
Faculty of Commerce - Papers (Archive)
Local councils in New South Wales (NSW) have the authority to invest ratepayers' money that is not currently required for any other purpose by the council. At the end of 2006-07 financial year local councils in New South Wales had invested $590 million dollars in structured financial products such as collateralised debt obligations (CDO). By the end of January 2008, six months later, the market value of these investments dropped $200 million to $390 million. Since then the financial investment market has further significantly reduced with the value of the councils' investments losing many more millions of dollars. In NSW …