WBK - Behind The Idea: Westpac's Problems Extend Far Beyond Money Laundering Scandal
Seeking Alpha published a recent Top Idea article on Westpac Banking Corp by contributor Harrison Schwartz.
The Top Idea article can be found here.
In this article we're presenting a follow-up interview with the author.
Seeking Alpha: For those who haven't seen your Top Idea on Westpac, can you briefly summarize your thesis here?
Harrison Schwartz: The core short thesis against Westpac has two major components. The first is the well-known large money-laundering scandal that brought down the recent CEO and could result in a theoretical $330 trillion fine ($300 billion based on legal precedent).