In this clip we get two views of the collapse of JBL in May 1972. Mr Arnold, a director of the group, blames the troubles on the actions of Robert Muldoon, the minister of finance, who changed the rules on syndications. Until that change JBL had been able to establish small investing syndicates of less than 25 people and avoid company taxes. However Doug Hazard, the receiver appointed by the government, has no doubt that the problems lay with irresponsible financing practices.
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