Thursday, March 03, 2005
Liquidators Laughing Loudest
Joy, Joy, Joy. That's the feeling around the office at Korda Mentha today, one of Australia's most well known recievers and administrators. "We can smell Christmas coming early this year", said senior partner Joe Ferraro.
The bouyant mood around the office was a direct result of the news yesterday of an economic triple whammy. The coincident occurence of increased in interest rates, increased health care premiums, and a downturn in the economy.
"It had to happen eventually" said Mr. Ferraro, "and the fact that it all happened together is really quite exciting". The receivers and administration firms don't expect an immediate windfall however as the immediate effects will be felt by families and mortgage holders. "What we're waiting for is the cascade effect" said Mr. Ferrero. " Once the Mums and Dads start defaulting on their payments, then the lenders that they borrowed from will collapse, and then it'll just ripple through the whole economy. That's when we step in"
The same optimistic tone can be found at AAA-Debt Collection. Jason "Pit Bull" Watson declared. "F...ing great mate, This's going to be a bonaza". In Mr Watson's case however, he will recieve the benefits much earlier. "I've already been out there, getting in peoples faces. It's always easier if they've been softened up a little beforehand"
We contacted the Treasurer for comment on this story, he was not available for a statement, but a spokesman from his office said that the Treasurer would be delighted to hear of such a good news business story.
Note: 3000 character limit on comments The bouyant mood around the office was a direct result of the news yesterday of an economic triple whammy. The coincident occurence of increased in interest rates, increased health care premiums, and a downturn in the economy.
"It had to happen eventually" said Mr. Ferraro, "and the fact that it all happened together is really quite exciting". The receivers and administration firms don't expect an immediate windfall however as the immediate effects will be felt by families and mortgage holders. "What we're waiting for is the cascade effect" said Mr. Ferrero. " Once the Mums and Dads start defaulting on their payments, then the lenders that they borrowed from will collapse, and then it'll just ripple through the whole economy. That's when we step in"
The same optimistic tone can be found at AAA-Debt Collection. Jason "Pit Bull" Watson declared. "F...ing great mate, This's going to be a bonaza". In Mr Watson's case however, he will recieve the benefits much earlier. "I've already been out there, getting in peoples faces. It's always easier if they've been softened up a little beforehand"
We contacted the Treasurer for comment on this story, he was not available for a statement, but a spokesman from his office said that the Treasurer would be delighted to hear of such a good news business story.
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