unforgivable, page-6

This is the stuff class actions are made of.

In 13 years of investing I have never seen such a spectacular blow up of shareholders' equity (almost twice their entire market capitalisation at the time of the announcement, and half their net assets).

Reading through the risk management section of the annual report, there is a marketing and financil risk committee charged with overseeing (quote):

? Monitoring and reviewing the policies and limits in the Risk Management Policy;
? Monitoring and reviewing the performance of managements marketing committee;
? Monitoring and reviewing procedures for treasury and hedging functions;
? Monitoring and reviewing marketing products;
? Monitoring and reviewing hedging strategies;
? Monitoring and reviewing co-operative wide value at risk results;
? Receiving external reports relative to risk management activities;
? Monitoring and reviewing funding and liquidity structure and management; and
? Monitoring the development of long-term strategic initiatives for marketing and risk management.

I want to see these policies. I also want to know what the committee was smoking and where I can get some.