JoNova
A science presenter, writer, speaker & former TV host; author of The Skeptic's Handbook (over 200,000 copies distributed & available in 15 languages).
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WORLDS LARGEST FRAUD
Good morning Jo,
Has Australia just given away the largest company in corporate history?
I note that Exxon Mobil recorded a $30 billion profit last year – the highest in the USA by a multiple of 2 (Wal-Mart 2nd at $16 billion).
Our Government has just committed to establishing a near term “maintainable earnings dividend stream” of $57 billion per annum to “unknown shareholders” as part of its Carbon Tax farce.
In corporate terms, nearly double the size of the current largest company in the world!
All without a Prospectus, Product Disclosure Statement, Information Memorandum or Australian voter mandate.
Based on a conservative earnings multiple of say 12 times, a capital value of 0.68 trillion! This is the capital asset value of what we are giving away.
In economic terms therefore, the “opportunity cost” for Australians results in a “value shift” of sovereign capital assets of $.68 trillion to as yet “unknown largely foreign beneficiaries”.
As many readers will recall, the Queen recently opened the new world class Royal Childrens Hospital in Melbourne which cost $1 billion to build and 10 years in planning. Thus we are going to give away the equilivant of 57 Royal Children’s Hospitals each year, for ever, to people we have not as yet had the pleasure of meeting and in deed may never meet if the usual arbitrage/brokerage/agency experts “top and tail” the transactions “for and on behalf of etc etc”.
This is clearly the largest crime/heist/defalcation/fraud the world has ever witnessed.
“Rent seekers” will be lining up. SHAME, SHAME, SHAME.
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This comment is more a test than anything but i would like to add one thing to the excellent post by David.
David i was of the understanding that the 57 billion figure was based on the price of a carbon tonne, if no one follows our “brave” move and permits are few and far between could this figure (57) go up substantially, assuming there is enough permits to buy to continue to produce CO2.
TIA
Crackar
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Hi Crakar24,
I should have acknowledged Terry McCrann earlier. Here is the reference to his original article.
David Armstrong.
Australia will send $57bn a year overseas by 2050, Treasury modelling shows
by: Terry McCrann From: The Australian August 20, 2011
“BY 2050, Australia will be sending $57 billion a year overseas just for the right to keep our lights on, as a direct consequence of Julia Gillard’s carbon dioxide tax and consequent emissions trading scheme.
Let me make it perfectly clear. We won’t be getting anything tangible back for that $57bn.”
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