You are entitled to your own view Ironjack. I do not agree.
The carbon tax, mining tax, unions etc had nothing to do with the failure of FGE. Management did.
Whilst the macro environment undoubtedly contributed to the problem, FGE had over $1.5 billion in forward contracts. This is not insignificant. They also had a very good track record converting those contracts to profits. Shareholders should assume responsibility for their investment decisions, but they can only do so based on the facts before them.
As to the success or otherwise of the IMF action, it is worth noting IMF's track record. They do not often take action on cases they could not hope to win.
FGE Price at posting:
91.5¢ Sentiment: None Disclosure: Held
