Avoid Westpac Capital Notes 3

Let’s take a trip down crazy lane, shall we, and pretend for a moment that the banks are only looking out for themselves. Imagine, for the sake of argument—and not because this could possibly be true—that they are trying to reduce their own financing costs and risk, rather than doing their best to make you rich.If that were the case, how might they do it? They could start by offering you a 136-page prospectus for complex ‘hybrid’ securities, then name them Westpac Capital Notes 3 to provide a warm feeling of continuity.They would make the securities look and feel safe,...

Let’s take a trip down crazy lane, shall we, and pretend for a moment that the banks are only looking out for themselves. Imagine, for the sake of argument—and not because this could possibly be true—that they are trying to reduce their own financing costs and risk, rather than doing their best to make you rich.

If that were the case, how might they do it? They could start by offering you a 136-page prospectus for complex ‘hybrid’ securities, then name them Westpac Capital Notes 3 to provide a warm feeling of continuity.

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