2008-08-16smh.com.au

MORE than 100 councils, charities, churches, hospitals and nursing homes across Australia are sitting on a $2 billion black hole after buying subprime investments that were structured by Wall Street banks during the bull market but are now potentially worthless.

BusinessDay has identified more than 150 government, private and charitable institutions that purchased complex financial instruments such as collateralised debt obligations (CDOs).


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