RICH PICKINGS: White shoe shuffle

The credit crunch has laid waste to the wealth accumulated by Gold Coast millionaires, locking in a complete reordering of the food chain for this most curious species of entrepreneur.

But since the 1980s, the Gold Coast business community has fought hard to restore its somewhat tarnished reputation. A few years ago, mentioning the words "white shoes” on the Gold Coast was enough to get you a dirty look and a sharp dressing down. The explosive growth of listed companies such as MFS, City Pacific and Billabong had made the Gold Coast a legitimate business hub.

But just as the white shoe jibes were fading from memory, a series of corporate collapses – including MFS, Asset Loans Group and a string of property projects – have rocked the Coast again.

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