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)
“People do not know the natural infirmity of their mind: it does nothing but ferret and quest, and keeps incessantly whirling around, building up and becoming entangled in its own work, like our silkworms, and is suffocated in it: a mouse in a pitch barrel.”
—Michel de Montaigne (1533–1592)
“A society that presumes a norm of violence and celebrates aggression, whether in the subway, on the football field, or in the conduct of its business, cannot help making celebrities of the people who would destroy it.”
—Lewis H. Lapham (b. 1935)