When Nicholas Moore took charge of Macquarie in the middle of 2008, the Australian investment bank's 14-year profits streak had just ended, global credit markets were convulsing and once-mighty financial institutions were about to go bust.

Jittery investors worried about who might fail next, causing Macquarie shares to hit a decade low. Short sellers argued that its listed infrastructure funds model only worked when debt was cheap and asset values continued to rise, while other critics derided the group for gouging fees from the funds it managed.

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Posted by mopeng at June 8, 2010 10:11 PM