Editor picks

This week we've selected five of our best commentary pieces including Alan Kohler on inadequate reporting of derivative markets, Stephen Bartholomeusz on the war brewing between the Victorian Government and gaming operators, Robert Gottliebsen on the reputational damage that awaits ANZ, Giles Parkinson on carbon credits and a think-piece from John Kay of the Financial Times on flaws in risk modelling.

Margin lending on steroids
Alan Kohler
The massive trade in 'contracts for difference' is currently impossible to quantify, let alone regulate. They are a dream for inside traders and a potential nightmare for everyone else.

A savage day for Tatts and Tabcorp
Stephen Bartholomeusz
Surely the Government realised when it 'formed a view' against renewing Tatts' and Tabcorp's licences that it would rip billions out of their market capitalisations and tear holes in their business models.

Letters from the past
Robert Gottliebsen
ANZ chairman Charles Goode and CEO Mike Smith are facing the same trap that ensnared Westpac in the infamous "letters affair" of 20 years ago. They'll now need to play their cards carefully.

Put a premium on commonsense
John Kay, Financial Times
Risk modelling is beguilingly accurate in good times. In times of complexity, common sense must prevail.

Forest fortune
Giles Parkinson
By hiring gun-toting locals to protect an Aceh forest, one innovative Australian company it set to make a packet from carbon credits.



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