27 November 2009
DOCTORS CALL FOR INDEPENEDENT
INVESTIGATION INTO ST VINCENT’S JUNK BOND
LOSSES
Doctors at St Vincent Hospital today called on the NSW Government to
conduct an independent investigation into the hospital’s investment of public
funds in junk bonds.
It has been revealed the hospital has lost up to $30 million in the investment,
placing the research programs of up to 50 staff specialists in jeopardy.
Dr Tony Sara, President of the Australian Salaried Medical Officers
Federation (NSW) said it is critical the government get to the bottom of the
issue immediately.
“As ASMOF understands it, about $30 million worth of public donations,
NH&MRC grants and doctors’ earnings have been lost in junk bonds,” Dr Sara
said.
“The NSW Government must launch an independent investigation into the
incident immediately. We can’t have hospitals gambling away vital funds.
“Staff specialists have undertaken research on the understanding that this
money was secure. For them to now turn around a find out that that’s not the
case is disappointing to say the very least.
Among the money allegedly lost by the hospital were doctors’ personal
earnings.
“The personal funds our members have lost must be reinstated immediately.
There’s no question about that.
“We have already written to St Vincent’s Hospital seeking clarification and
their legal advice on how they have allegedly allowed this to happen.”
Media contact:
Alana Mew, 0423 377 567
NEWS 
