Ponzi Scheme

: Related:Banks have treated our housing market like a Ponzi scheme, and it about to bust Lindsay David Shares in Australia biggest bank were halted from trade on Friday as the lender said it would offer the unwanted $1.5bn worth of shares to other investors to repair the damage, according to The Guardian. The large shortfall in the take-up by retail shareholders was blamed on the timing of the offer and weaker valuations for bank shares, analysts said. Stock market volatility and the uncertain outlook for Australia banks have been blamed for the rejection which left the bank with a $1.5bn hole in its capital raising plan. Unfortunately for them, it was very bad timing as the market has been very volatile, IG market analyst Angus Nicholson said. The big four banks have been investor magnets due to attractive dividend yields, but their shares have tumbled as much as 15% since early August. Bank valuations have also corrected sharply as their growth outlook has worsened. (news.financializer.com). As reported in the news.