15 April 2009

we're in the money

Have been sort of following the BrisConnections fiasco while only understanding about a tenth of it.

And hence this quote in an article in today's SMH kind of set me off somewhat:

Among the more positive reactions were: "Congrats must go to Nicholas Bolton", "you played the game and won!" and "Mr Bolton has done with BrisConnections what the mum & dad investors were all too dumb or gutless to do - cashed in on capitalism".

Well yes, I suppose. Provided you rather people saved their money in those old Commonwealth Bank money boxes, or interest-bearing savings accounts, or debentures, or spent it at Harvey Norman, the best way to encourage ordinary people to invest in companies that will build the country is to label them dumb and gutless.

I'll go out on a limb here are posit that the twitterer is a self-indulgent gen Y who's never really had to work for anything, possibly an equities analyst where the chief decision is what wine to order for lunch, because no risk whatsoever attached to any 'analysis' or 'recommendation' he produced. I could just spit.

Then you get "Stephen Mayne's analysis of the situation and if you're anything like me (all obvious responses to that will be ignored), you try to understand the articles and you watch the principal players (oh yes that's such an appropriate word in this context) obfuscating and management-speaking on TV and you come to two simple conclusions:
1) Government fear of taking on debt has simply given us outrageously complex financing arrangements that mainly finance lawyers and merchant bankers, ie BMW owners; and
2) they all appear to be crooks.

Now, is there anyone else I can insult?

Update, the next day.

Looks like my interpretation is shared.


Bwca Brownie said...

Yes! "they all appear to be CROOKS".

I had that link on my clipboard because I have just read it twice and thought I would post on it.
Alan Bond-advisor.
Huge profit.
The whole young Nicholas story has had a bad smell from start to finish and sums up why I have always thought the entire stock exchange business is corporate criminality, iced with hypocrisy when they charge people with 'insider trading' - IT'S ALL INSIDER TRADING.

Toll roads are evil.
Melbourne's is Jap-owned,
(like Gunns in Tas but that's another story).

All that land pays no land tax as houses do, because land used for the communitys benefit is exempt.
Foreign owned land paying no tax.

thank you. that is all.
Australia? You're Standing In It!

phil said...

We are. I'm gratified to see someone sharing my indignation.

Sam the Dog said...

This snot nosed little Gen Y-er has pissed off some powerful people and they will get him. "Maybe," as they said in the movie, "not today, maybe not tomorrow, but someday soon." He's only 27 and has a lot of his life left to try and conduct business in a country that doesn't have that big a population.

I look forward to reading about it when it happens.

As for toll roads, I think they can be pretty evil. Look at Brisbane's Motorway system. The only current toll roads are the ones that go through the less affluent areas. ie. The Gateway Motorway in Logan, and the Logan Motorway to Ipswich.

phil said...

If the motorways actually removed heavy vehicles from other road networks (such as the ludicrously misnamed Brisbane Urban Corridor, which is essentially Kessels Road), it'd be fine. BUt they slug them for use so where do the trucks go? F**k me, who'd have thought it?

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