Letters from the past

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.

ANZ chairman Charles Goode and CEO Mike Smith are facing the same trap that ensnared Westpac in the infamous "Westpac Letters" affair of the late 1980s and early 1990s. If ANZ makes the same mistakes as Westpac then the Opes stench will almost certainly have the same disastrous results.

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