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Territory fails to get rid of administrators
Relations between Territory Resources and its former executive chairman, Michael Kiernan, have hit rock bottom after the aggrieved iron ore miner failed in its bid to sack the administrators appointed to Monarch Gold Mining by Mr Kiernan. The West


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As soon as Treasurer Wayne Swan announced that the Rudd Government would only guarantee $20,000 per person in bank deposits, I immediately restructured my banking arrangements to spread my family's cash holdings equally between Australia's five largest banks. It seems to me that the federal government's decision effectively down-graded Australian bank accounts from AAA rating to about two notches lower - now ranking after small deposit holder accounts and after the Federal Government. Prior to that, the implicit Lender of Last Resort facility effectively made Australian bank accounts guilt-edged. It seems to me, if bank accounts are now a risky investment, then they should be managed with the same portfolio management approach that one would use for other risky investments like shares and investment property. Am I being paranoid here? What do other readers think about this?

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