This is one of the issues on which ANZ refused to comment yesterday but which will keep festering. One of the more interesting findings in the report covered ANZ's relationship with the brokers. "The review committee did not identify any evidence to suggest that any personal relationships between ANZ staff and specific brokers contributed to the issues of concern relating to the equities finance business." Never mind that the elusive head of Opes, Laurie Emini, was a former ANZ employee who worked with, and was friends with, staff in ANZ's securities lending unit. ANZ could be forgiven for being a little disingenuous on this point. Legal action by Opes clients claim the broker was "recklessly indifferent with the truth" in its representations to them and their understanding of the risks involved with the margin-lending agreements they signed.