Australia’s CBD Mafia
Transferring Your Wealth
Petrie Hypes New Dot.Com
During the dot.com enthusiasm of the 90’s Donald Petrie was selected as CEO of Packers eCorp which parted investors from a bundle before folding as it claimed there was nothing to invest in. (Bullshit of course but investing wasn’t the real purpose. Cleaning up at the small investors expense was. And is!) Not after they had made out like the typical Aussie CBD mafia bandits and created nothing except a vehicle to transfer wealth from the typical gullible Aussie investors. Who clearly miss the best investment opportunities on a reliable basis because they seem unable to get enough of the CBD mafia’s glossy ASIC registered promotions. By now they should be a wake up but maybe there are new ones to always step in and take the place of the already fleeced. Which is music to the ears of the CBD brotherhood of course, the lawyers and accountants and other nation builders.
Petrie is now back in the game according to the typical standard media promotion (guess who owns the media delivery system? Packer, Murdoch and the government of the day of course), as the market is building for another dot.com version with investors keen to punt on whatever the CBD mafia cooks up. Rarely is it ever a true wealth creating opportunity and certainly never a global one. After all none of these people have any history of identifying any global state – of -the -art technology opportunities. And that includes every Australian university although stupid technology illiterate politicians keep giving them billions for their ongoing failure. But again it is mainly about bureaucrats disposing of their budgets to keep their empires. All real nation - building stuff, according to them at least. (Yes, what else can they say.) A major gravy train that has no proven identifiable consistent wealth creating ROI except one they cook up and the media sycophants peddle to the unsuspecting majority. Most Australians would likely marvel at the new fangled conveniences they get from Japan, South Korea, Taiwan and so on. (China has now well and truly emerged as about 50 Taiwan equivalents so expect a few more conveniences. Perhaps Australia could eventually become a big brothel for rich Asians. No doubt Aussies unis will see an opportunity in that line. A bit of a reversal but Aussies were warned about becoming the white trash of Asia at least 30 years ago. But what the bloody hell would Lee Kuan Yew know anyway?) Little do Aussies realise the proof of concept prototypes for this wide range of devices from washing machines to Wurlitzer’s, were probably built
in and by Australian universities. To perpetuate their now large empires local academia has devised a clever range of devious self serving schemes over decades as they have grown and as they are always unable to fund themselves. (Yes we do realize this theme gets a bit tedious.) One of their most cunning is to offer all of their services to foreign multinationals for a fee to build their prototypes. Multinationals consider it cheap and a good service as they know local universities are incapable of any commercialisation and again local academia aren’t interested when they can keep themselves this way and in the lifestyles they believe they are entitled to and their empires growing. Aussie innovation indeed! Australians might realize now that there is a reason for Australia’s failures in commercialization of innovation.
Australian universities over decades have also accumulated one of the largest superannuation funds in the country during this time of “nation building”. Known as UniSuper it is a pool of about A$15 billion plus and to make sure it gets high returns it engages in insider trading. (No! You don’t say?) For example when the Melbourne university as one example, had the opportunity to get the exclusive Internet DNS license for Australia they floated a company called Melbourne IT (who knows what it is called today?) and it was full of university insiders and naturally, yes, they cleaned up. But, back to Mr. Petrie and the CBD mafia! (Most of them are the product by the way, yes you might have guessed it, of one of the above never-commercialised-any -innovation-because -we- can -make –proof -of-concept-prototypes- for –MNC’s - universities.)As an example when the dot.com enthusiasm was hot two companies started life in basically the same category. One was cooked up by the Aussie CBD crowd (you have an idea of the outcome already) and another by innovators and venture capitalists in the US. The Aussie creation went to about $2 billion during the hype and has now been reduced to an almost worthless reflection of Australia’s efforts in this regard and the other went on and on to become a global brand with a current market cap of somewhere around A$70 billion. This is Looksmart and eBay. Never heard of Looksmart? How come we aren’t surprised? Looksmart was hyped to the public using government funded venture capital by the way, so they had to maximise the heist. They did and at your expense as a text book example of wealth transfer if ever there was one. A parallel that is worth keeping in mind by any investor when considering anything the Aussie CBD mafia throws up for them now. Beware, the name of the game via ASX/ASIC is parting you from your money. (Capitalism is a great system but not when it only allows the CBD mafia almost exclusive access to everyone else’s capital.)And even after all this experience the Aussie CBD crowd still can’t figure out a global opportunity. But of course with easy pickings like the ASX gives them access to they don’t need to think up globally innovative business models. Just crank up new versions of the same spiels every market cycle and fund another villa in Queensland and/or a new Beneteau. (Foreign built yachts are subsidized by the Australian taxpayer as they are all mainly leased arrangements. This is more proof of how clever Australia has become over the decades. Tax shelters that assist foreign competitors! Ho hum! But the majority of Aussies aren’t going to be buying Beneteau’s anyway so if it ain’t broke why fix it?)
The local media mafia content producers, true to form and type, are once again hyping Petrie’s “wizardry” and more than likely Packer or Murdoch will jump in for a quick buck. Or after getting away with eCorp and of course One.Tel , with the help of ASIC among others, maybe they will give it a pass for the time being until things really hot up and the Froggy frenzy clicks in. Blame it on behavioral finance!
By the way if anyone reads this blog we would like to hear from anyone who lost money on the ASX scams of the past 10 or so years, especially anything technology because we would like to do a book on Australia’s wealth creating lost-opportunities while it clocked up a A$650 billion foreign debt in a remarkable straight line industry trend unique in history. We were thinking of applying for ARC funding but figured they would not appreciate non-club members and their A$650 million scam exposed.
Did you also hear the one about Peakhour? No? About A$60 million down the gurgler in less than 3 years and the original CBD mafia planners now reside in Seattle. Curious choice, why not Rio? They are about due, in our estimation, perhaps to resurface with another wonderful scheme. Beware, be alert, and if you value your dollars, be alarmed!
Transferring Your Wealth
Petrie Hypes New Dot.Com
During the dot.com enthusiasm of the 90’s Donald Petrie was selected as CEO of Packers eCorp which parted investors from a bundle before folding as it claimed there was nothing to invest in. (Bullshit of course but investing wasn’t the real purpose. Cleaning up at the small investors expense was. And is!) Not after they had made out like the typical Aussie CBD mafia bandits and created nothing except a vehicle to transfer wealth from the typical gullible Aussie investors. Who clearly miss the best investment opportunities on a reliable basis because they seem unable to get enough of the CBD mafia’s glossy ASIC registered promotions. By now they should be a wake up but maybe there are new ones to always step in and take the place of the already fleeced. Which is music to the ears of the CBD brotherhood of course, the lawyers and accountants and other nation builders.
Petrie is now back in the game according to the typical standard media promotion (guess who owns the media delivery system? Packer, Murdoch and the government of the day of course), as the market is building for another dot.com version with investors keen to punt on whatever the CBD mafia cooks up. Rarely is it ever a true wealth creating opportunity and certainly never a global one. After all none of these people have any history of identifying any global state – of -the -art technology opportunities. And that includes every Australian university although stupid technology illiterate politicians keep giving them billions for their ongoing failure. But again it is mainly about bureaucrats disposing of their budgets to keep their empires. All real nation - building stuff, according to them at least. (Yes, what else can they say.) A major gravy train that has no proven identifiable consistent wealth creating ROI except one they cook up and the media sycophants peddle to the unsuspecting majority. Most Australians would likely marvel at the new fangled conveniences they get from Japan, South Korea, Taiwan and so on. (China has now well and truly emerged as about 50 Taiwan equivalents so expect a few more conveniences. Perhaps Australia could eventually become a big brothel for rich Asians. No doubt Aussies unis will see an opportunity in that line. A bit of a reversal but Aussies were warned about becoming the white trash of Asia at least 30 years ago. But what the bloody hell would Lee Kuan Yew know anyway?) Little do Aussies realise the proof of concept prototypes for this wide range of devices from washing machines to Wurlitzer’s, were probably built
in and by Australian universities. To perpetuate their now large empires local academia has devised a clever range of devious self serving schemes over decades as they have grown and as they are always unable to fund themselves. (Yes we do realize this theme gets a bit tedious.) One of their most cunning is to offer all of their services to foreign multinationals for a fee to build their prototypes. Multinationals consider it cheap and a good service as they know local universities are incapable of any commercialisation and again local academia aren’t interested when they can keep themselves this way and in the lifestyles they believe they are entitled to and their empires growing. Aussie innovation indeed! Australians might realize now that there is a reason for Australia’s failures in commercialization of innovation.
Australian universities over decades have also accumulated one of the largest superannuation funds in the country during this time of “nation building”. Known as UniSuper it is a pool of about A$15 billion plus and to make sure it gets high returns it engages in insider trading. (No! You don’t say?) For example when the Melbourne university as one example, had the opportunity to get the exclusive Internet DNS license for Australia they floated a company called Melbourne IT (who knows what it is called today?) and it was full of university insiders and naturally, yes, they cleaned up. But, back to Mr. Petrie and the CBD mafia! (Most of them are the product by the way, yes you might have guessed it, of one of the above never-commercialised-any -innovation-because -we- can -make –proof -of-concept-prototypes- for –MNC’s - universities.)As an example when the dot.com enthusiasm was hot two companies started life in basically the same category. One was cooked up by the Aussie CBD crowd (you have an idea of the outcome already) and another by innovators and venture capitalists in the US. The Aussie creation went to about $2 billion during the hype and has now been reduced to an almost worthless reflection of Australia’s efforts in this regard and the other went on and on to become a global brand with a current market cap of somewhere around A$70 billion. This is Looksmart and eBay. Never heard of Looksmart? How come we aren’t surprised? Looksmart was hyped to the public using government funded venture capital by the way, so they had to maximise the heist. They did and at your expense as a text book example of wealth transfer if ever there was one. A parallel that is worth keeping in mind by any investor when considering anything the Aussie CBD mafia throws up for them now. Beware, the name of the game via ASX/ASIC is parting you from your money. (Capitalism is a great system but not when it only allows the CBD mafia almost exclusive access to everyone else’s capital.)And even after all this experience the Aussie CBD crowd still can’t figure out a global opportunity. But of course with easy pickings like the ASX gives them access to they don’t need to think up globally innovative business models. Just crank up new versions of the same spiels every market cycle and fund another villa in Queensland and/or a new Beneteau. (Foreign built yachts are subsidized by the Australian taxpayer as they are all mainly leased arrangements. This is more proof of how clever Australia has become over the decades. Tax shelters that assist foreign competitors! Ho hum! But the majority of Aussies aren’t going to be buying Beneteau’s anyway so if it ain’t broke why fix it?)
The local media mafia content producers, true to form and type, are once again hyping Petrie’s “wizardry” and more than likely Packer or Murdoch will jump in for a quick buck. Or after getting away with eCorp and of course One.Tel , with the help of ASIC among others, maybe they will give it a pass for the time being until things really hot up and the Froggy frenzy clicks in. Blame it on behavioral finance!
By the way if anyone reads this blog we would like to hear from anyone who lost money on the ASX scams of the past 10 or so years, especially anything technology because we would like to do a book on Australia’s wealth creating lost-opportunities while it clocked up a A$650 billion foreign debt in a remarkable straight line industry trend unique in history. We were thinking of applying for ARC funding but figured they would not appreciate non-club members and their A$650 million scam exposed.
Did you also hear the one about Peakhour? No? About A$60 million down the gurgler in less than 3 years and the original CBD mafia planners now reside in Seattle. Curious choice, why not Rio? They are about due, in our estimation, perhaps to resurface with another wonderful scheme. Beware, be alert, and if you value your dollars, be alarmed!
posted by Rupert Russell | 4:14 PM
0 Comments:
Post a Comment
<< Home