Wesfarmers blames everyone else for its housing suicide

Advertisement

Massive housing bust short, Wesfarmers, wants to blame everyone but itself. At the AFR today:

Wesfarmers chairman Michael Chaney put the cat among the pigeons on Thursday when he blamed the short-term focus of investors, analysts and the media for the misconduct in the financial system exposed by the Hayne inquiry.

Chaney sees a direct link between the relentless pressure on managers and boards of directors of public companies to meet consensus earnings targets and the bad behaviour in banks and wealth managers driven by short-term incentives.

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:
Cancel at any time through our billing provider, Stripe
About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.