Published: 18th September 2008 Bloomberg

Macquarie Group Ltd., Australia's largest investment bank, plunged a record 23 percent as Morgan Stanley and HBOS Plc sought buyers to avoid becoming victims of the financial crisis.

"Babcock and Macquarie's business models relate to a previous era of irrational exuberance which no longer exists," Clifford Bennett, chief economist at Sonray Capital Markets Ltd. in Sydney said. "Babcock & Brown is going to come very close to the edge."

Read the full article at Bloomberg.com 18/09/08