Hubris killed EL&C Baillieu, a Melbourne broking icon
One of Melbourne's oldest stockbrokers, established in 1889, couldn't survive the downfall of its rainmaking broker Stephen Macaw.
EL&C Baillieu in 1996, with stockbroker Alex Hay. Last week, the firm agreed to sell itself to Sydney rival Ord Minnett. John Lamb
The end of a Melbourne stockbroking institution began over a business lunch in Copenhagen last year when Stephen Macaw thought he was dining with a wealthy Arab businessman.
In reality, EL&C Baillieu's head of corporate finance was being secretly recorded by an actor as part of a sting that cost Macaw his job, part of his reputation, and, last week, the stockbroking firm's independence.
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