The Pyramid Building Society, the Geelong Building Society and the Countrywide Building Society together made up the Farrow Group of building societies, based in Geelong, Australia. They collapsed in 1990 with debts in excess of $2 billion. The cost of the collapse to the Victoria taxpayers was estimated at over $900 million, causing a fuel levy of 3c-per-litre to be introduced by the Victorian Government to recover funds. The levy remained in force for five years.
Read more about Pyramid Building Society: Origins, Collapse, Regulation, Bad Loans, Non-withdrawable Shareholders, Subsequently, References
Famous quotes containing the words pyramid, building and/or society:
“So universal and widely related is any transcendent moral greatness, and so nearly identical with greatness everywhere and in every age,—as a pyramid contracts the nearer you approach its apex,—that, when I look over my commonplace-book of poetry, I find that the best of it is oftenest applicable, in part or wholly, to the case of Captain Brown.”
—Henry David Thoreau (1817–1862)
“The rage for road building is beneficent for America, where vast distance is so main a consideration in our domestic politics and trade, inasmuch as the great political promise of the invention is to hold the Union staunch, whose days already seem numbered by the mere inconvenience of transporting representatives, judges and officers across such tedious distances of land and water.”
—Ralph Waldo Emerson (1803–1882)
“Many of us do not believe in capital punishment, because thus society takes from a man what society cannot give.”
—Katharine Fullerton Gerould (1879–1944)