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
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.