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This is a chronological series of two cases. The (A) case is about the fall from grace of a revered, high-performing Australian company that had gone international in its quest for growth. The (B) case is about the turnaround that followed. The (A) case covers the period 2000 to 2004. It includes the National Australia Bank (NAB) 2000 corporate / business strategy, the MLC acquisition, the sale of Michigan National, the HomeSide financial disaster and consequent sale, and the 2003 foreign exchange trading disaster that ultimately led to recognition that NAB was truly in trouble. The (B) case is about the turnaround that followed. It covers the period 2004 to 2006, at which point the new chief executive officer (CEO) declares that the three year turnaround is almost over and the new NAB is back in business. It covers the investigation of the foreign exchange trading scandal disaster, the changes in personnel in the top management team and the board, the introduction of new external people to support the new CEO and many other detailed events that took place as part of the turnover. The (A) case is primarily about implementation of strategy and the (B) case is primarily about implementation of strategy for a turnaround. Both cases are mainly corporate strategy cases, though they could be used in the business strategy section of a strategic management course, since the corporation is narrowly diversified and centrally controlled, so it acts like a business.