Scathing attack on Macquarie Bank

September 20th, 2007

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Today, we caught this news article, Fortune magazine ravages ‘rapacious’ and ‘complex’ Macquarie Bank:

FORTUNE magazine has hit out at Macquarie Bank’s “rapacious” fees, high debt levels and its “too complex” structure.

The long-awaited article, to be published in its latest edition, is written by award-winning author Bethany McLean, one of the first reporters to pen a serious critique of the once high-flying energy trader Enron, prior to its collapse.

A little background on Bethany McLean, author of The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron. She’s the journalist who wrote a highly critical article on Enron just about a year before Enron?s collapse.

We are not predicting that Macquarie will fall like Enron. Rather, this is a heads up on Macquarie.