Westpac cops puny fine for insider trading. What’s the scam?
Westpac has been fined a paltry $1.8 million for a trade that netted the bank over $20M in behaviour akin to insider trading. Federal Court Justice Michael Lee found their conduct “risible.” What’s the scam? The scam was all in a day’s work back in September 2016 for...
Crimes and misdemeanours, ex-PwC high flyer David Collard arrested
David Collard is well known to our readers. The ex-PwC partner and failed entrepreneur is now facing court in New York for alleged assault and harassment. What’s the scam? Entrepreneurship should be celebrated. It involves taking risks, which sometimes leads to...
The housing crisis we didn’t have to have, and how to fix it
Alan Kohler’s Quarterly Essay is a valiant attempt to put the housing crisis into a historical and macroeconomic perspective. He offers solutions, but there are no quick fixes. Kim Wingerei with the review. It’s the crisis everyone wants to talk about that politicians...
David Collard’s financial innovations – VAT’s the Scam?
Scale Facilitation’s CEO, David Collard, is alleged to have issued a grossly inflated invoice to boost the VAT refund his company could claim in the UK, adding to his long list of financial ‘innovations’. Scrambling to find money to pay late wages and make overdue...
Future Fund invested in Israeli company Elbit Systems – whose bombs are raining on the Palestinians
Documents obtained under FOI reveal Australia’s Future Fund has shares in controversial Israeli defence contractor Elbit Systems, a company associated with the making of cluster-bombs. Michael West and Kim Wingerei report. Elbit Systems is blacklisted in countries...
Henry Kissinger is dead. Australian ex PMs fawns over the myth of a war criminal
From Paul Keating to Kevin Rudd and John Howard, Australian ex-PMs have been waxing lyrical about a man who, perhaps more than anyone else, is responsible for the myth of a rules-based world order. Paul Keating credits him with the One China policy, “the pivotal...
Consumers made to pay for electricity networks super-profits. What’s the scam?
A new report exposes Australian electricity networks’ supernormal profits of $11B, on top of ‘normal’ profits of $16B since 2014. In 2022 alone, the super profit represented between $80 and $400 annually per customer. What’s the scam? The scam is the electricity...
The Dixon Advisory saga ends, with lawyers, accountants and government coffers to benefit
The drawn-out saga of Dixon Advisory – the superannuation managers who enticed their clients into investment assets they managed – has come to an end. Four cents to the dollar for the superannuants; millions for lawyers, accountants and ASIC. What’s the scam? The scam...
ASIC. Big fat cash-cow or world-class regulator?
ASIC is back with new ways to ‘fix things’ following damaging testimony in yet another Senate Estimates hearing this week. Whatever the fix might be, holding Big 4 accountants or big corporates to account is still not in the corporate regulator’s plans. Michael West...Get my book!
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