I hope CEC survive. they have a top heavy management but at least the people that do work there get paid well and have good jobs. When they get paid lol. Cairns business tend to be employers of award casual rates staff so economy will never grow with that type of low level employment.
So it may not have worked but Cairns really needs this type of industry with a professional profile. It's accountability maybe stretched but accountable it is, unlike 90% business these days. It is a good example on how banks can and do destroy. It is also a great example in Australia on how the government have zero influence on the economy. They were faced here with challenges and they failed to stop the rot in non mining economies like Cairns, proof they really have no influence so should never take any credit. 3-4 Years now talks on this, talks on that and no plan put into action.
Roy Lavis has been greedy but at the same time I take my hat off to him because if not for people that take chances this whole country would be in the quagmire Cairns is in right now. With no mining, this country is nothing. We need people to take chances and we need the government to at least try and provide the environment where such ventures at least have a chance of survival for the long term health of our economy.
This is not just a failure of CEC, it is a bank failure and a government failure so unless we learn from that we will just repeat the error. I really hope CEC survives because that would indicate some return to health in the system overall, right now nobody has a clue.
So point a finger at CEC, they deserve it, no apology for them from me but also blame the banks and the government because a lot of people are hurting in Cairns due to incompetence across the board.
CEG Price at posting:
8.0¢ Sentiment: None Disclosure: Not Held
