A weird decision !

Trio Capital was an investment fund that looked good to many financial planners - and to many who managed their own superannuation funds. The only problem was that it's money was invested in foreign tax havens - and most of it disappeared without trace. Thousands lost their nest eggs - and seemed doomed to a retirement little short of penury - but now the Federal government has stepped in with a $ 55 million reimbursement, the largest superannuation bailout in Australian history. Great ! But there is one little problem. The money will only go to investors directed to Trio by their financial counsellors. Those running self managed superannuation funds will not get a cent ! That means that the nearly six hundred Wollongong victims get a rude raspberry - and are to be left to struggle through old age with just the age pension. What a weird decision. Trio seems to have been run by a bunch of crooks and they managed to fool professional financial advisers, but the government seems to be saying that those who manage their own funds deserved to be robbed - and will therefore not be compensated - because they lacked the skill to avoid a suspect investment fund. That is a decision that may well come back to haunt the movers and shakers in this Federal government - because it is grossly unfair !