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"...public opinion deserves to be respected as well as despised" G.W.F. Hegel, 'Philosophy of Right'

the return of the Rum Corps « Previous | |Next »
March 20, 2014

So we have Australian Water Holdings (AWH) donating money to the Liberal Party on multiple occasions, and charging some of these donations back to the publicly owned Sydney Water. AWH systematically overcharged Sydney Water (i.e. the taxpayers who own it) millions of dollars over the years. So this greasing the palm is a form of corruption

RoweDSinodinos.jpg David Rowe

The Liberal Party is now a part of the political corruption. AWH was seeking a public-private partnership (PPP) with the NSW Government in which AWH would effectively take over the utility's monopoly services and cash flows from the state-owned utility Sydney Water monopoly services and cash flows from northwest Sydney. It is alleged that federal assistant treasurer, Arthur Sinodinos, who was employed in 2008 as an AWH director and its deputy chairman, stood to receive a $20m bonus. His remit was to open doors to senior Liberal identities once it became clear the party was going to win the 2011 NSW election.

Though the Liberal Ministers come out in force to defend Sinodinos you do gain the impression that many politicians use their time in government to enrich themselves by acting on behalf of corporations furthering their self interest.

You can see this with way that Sinodinos, who was previously employed by both the National Australia Bank and investment bank Goldman Sachs JBWere – in addition to his work with Australian Water Holdings, acted to propose the wind-back of consumer protection laws for financial advisers.

The proposed changes will allow financial advisers to provide advice that's in their own best interest, rather than the client's. The big winners from the proposed regulatory changes will be the banks as they will be able to, via commissions, to once again use financial planners like mortgage brokers flogging investment products instead of loans.

The Liberal Party is just too keen to govern for the interests of Big Mining and the Big Banks who never spend much time never spending much time to think about, or be concerned with, the lives, the jobs, and the faces underlying the employment numbers. Finance capital doesn't really care about loans that are hard to get, businesses that aren’t investing, kids shacking up with their families, or people dropping out of the labor force because they can’t find jobs. What Finance capital cares about is the federal government doing what is in the interests of Finance Capital.

| Posted by Gary Sauer-Thompson at 8:09 AM | | Comments (7)
Comments

Comments

So Sinodinos, who was both director of Australia Water Holdings and treasurer of the NSW Liberal party, cannot remember how millions of taxpayer dollars were distributed in a web of graft and corruption.

Sinodinos was a director for three years, and chairman for twelve month of AWH and didn't know that the Obeid family owned a 30 per cent state in a company?

Sinodinos chaired a company whose entire business model relied on gouging the taxpayer by charging for improper expenses. Under a “cost-plus” contract, AWH was allowed to charge Sydney Water for so-called “administrative” costs.

These costs apparently stretched to include not just hefty salaries for staff and directors, but also donations to political parties, including the NSW Liberal Party and Joe Hockey’s 2010 election campaign. In effect, public funds were being used to finance political donations.

Hoist on their own petard.

Never hold an enquiry if you don't know the outcome.

The sheer audacity of it all is gobsmacking.

Welcome aboard the gravy train with no driver, Coalition!

"... including the NSW Liberal Party and Joe Hockey’s 2010 election campaign."
In Joe's case, not just once but twice.
http://www.abc.net.au/news/2014-03-20/joe-hockey-repaid-awh-donation/5334740

For 20 million we would of all got into bed with the devil.

Yes Les, these are very well-paid people and probably veteran fiddlers..how much do the sods eventual need?

I know you're right.

I don't walk past twenty dollar notes on the footpath either, but this is all smacking of premeditated, long term criminality...as a friend said tonight they have never got past the Rum Corps mentality in New South.

While they and Obeid's mates are at the swill,70,000 people are being booted out of work and incomes needed for necessities and this is not just a few bob creamed off the side, as was once the decent Australian way.

Its all a bit hypothetical really because other than Sinodinos earning a wage the business did not succeed in gaining any contracts.
So if you take away that Labor want to discredit the budget by any means and the media want big news well whats left.
Obeid thought Sinodinos was a good bet to feed his desperate greed and sucked him in to his web of deceit.
Sinodinos is obviously not without greed himself but greed isn't a crime unless it is accompanied by a crime.