What sort of mugs would lend $1.8 billion to a wannabe pub baron like Jon Adgemis who filed for bankruptcy last year with barely $100 in his back pocket?
The answer is closer to home than you think.
Our biggest super funds, and private investors, have loaded up Australia’s booming private credit sector with $200 billion to lend to clients that are too risky for our big banks. Someone like Adgemis would look enticing when you can charge credit card-level interest rates.