How crooks and con-men wrecked a little Gippsland credit union.
Twas four days before Christmas 1989, but there was no festive spirit in that small, neon-lit office 12 floors above Melbourne's heaving holiday throngs. A block away, noels carolled from the public address systems of a dozen tinsel-decked depart-ment stores, and bearded bolster-bellied Santas accosted small children in Bourke Street mall. But in the boardroom of the Credit Co-operatives Reserve Board, you could have heard a snowflake fall.
Around the oval, ash-veneered table sat nine men and one woman, the directors and chief executive of this government regulator which, although little-known to the public, is responsible by law for the safety of the savings of more than a mil-lion Victorians, and the financial security of the$2 billion in assets controlled by the State's "people's banks" - the credit unions.