Some of the colourful internal discussions at ANZ in June 2008 over how to respond to its delinquent borrower Primebroker Securities and its owner Chimaera Capital emerge in emails published today in
The Age.
Ideas canvassed between Chris Page, ANZ's head of risk, and Ben Steinberg, executive director of corporate portfolio management include hiring a private detective to investigate the management Primebroker as part of an effort to ''create personal embarrassment'' according to one email quoted by the newspaper.
Page suggested plans to ''ruin'' the ''home run'' investment of Primebroker's principals, Sal Catalano and Ian Pattison, in a listed company called Blue Energy, The Age reported.
Page also suggested ANZ could ''provide regulatory interference'' in their business affairs and described Primebroker's managers, who had been clients of ANZ for 12 years, as "sharks".
Several weeks after this email exchange ANZ said it expected to take a provision of approximately A$50 million in connection with its decision to appoint receivers to Primebroker Securities.