| Australians hate a tall poppy, which means the country's richly valued banks are liable to get cut down at the first hint of bad news. So when Australia & New Zealand Banking Group admitted last week that it would have to take higher bad-debt charges due to the slump in commodity prices the shares fell as much as 6 per cent, the biggest drop in more than seven months.
Overvalued banks, rising defaults, troubled mining companies: What's not to dislike about that picture? Sadly for the dwindling band still shorting the country's big four banks, there's little evidence such problems will pose more than a temporary speed-bump to their earnings. ..............................................Full Article: Source
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