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21 September 2018


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Arthur Williams

Yes Paul, that is he. Turnbull was managing director for Goldman Sacks Australia from 1997-2001 and would eventually became a partner in the firm.

Later he would be called before the HIH Insurance Royal Commission to be questioned about Goldman’s involvement in that collapse.

He and the bankers emerged clean but it was alleged he was part of a group of nine mates who paid a massive, possibly $500 million settlement, after being found innocent.

He surely must write his autobiography.

He was chairman of Axiom Forest resources in the 1990s and one of its subsidiaries was Sylvania Forest Products. They had very bad press, one story calling their forestry efforts as ‘clear felling’ and another calling it ‘the worst in the world’.

Doesn’t appear to be much on web about Sylvania apart from Turnbull having been involved via Axiom the parent company. Have articles been wiped clean form internet?

Ironically his poor environmental record didn’t deter PM John Howard from appointing him Minister of Environment and Water in 2007.

A very wealthy politician who made a killing in 1999 by luckily turning his $450,000 investment in Ozemail, run by a number of tech savvy mates, into $59 million in cash through its $520 million sale to the American MCI WorldCom, which three years later almost got wiped out when the dotcom bubble burst.

He even managed some exposure in the Panama Papers.
Catch me if you can!

Paul Oates

Good Heavens Arthur. Wasn't Goldman Sachs the same company our just removed PM worked for? Surely you're not suggesting by implication any impropriety just because he is a multi millionaire?

Arthur Williams

Read a CNN report that stated China has invested $US75 billion in Africa during first decade of this century: $US10 billion on railways 2000-2014. 82% funded by Exim Bank.

But are Western loan sharks any better? Worth reading 'How Goldman Sachs Profited From the Greek Debt Crisis'
by Robert Reich.

The investment bank made millions by helping to hide the true extent of the debt, and in the process almost doubled it.

The article ends with a warning for cap-in-hand state beggars: "Borrowers that get into trouble are rarely blameless, of course: They spent too much, and were gullible or stupid enough to buy Goldman’s pitches. Greece brought on its own problems, as did many American homeowners and municipalities.

"But in all of these cases, Goldman knew very well what it was doing. It knew more about the real risks and costs of the deals it proposed than those who accepted them. “It is an issue of morality,” said the shareholder at the Goldman meeting where Oakland came up. Exactly."

Salutary lessons for PNG?

Philip Fitzpatrick

Port Moresby - the new Hong Kong?

A bit of Chinese law and order wouldn't go astray.

I wonder whether the Chinese would support PNG literature - who do we contact?

Peter Sandery

The latter would be my bet, Paul.

Paul Oates

Is this a case of 'better late than never' or is Canberra playing catch up after years of being warned by posts on this very website that have hitherto either gone unnoticed and in fact just simply been ignored?

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