The Telstra Scam Continues
Bureaucrats Getting Rich Off Telco Dinosaur And Public Ignorance
The Offshore Wealth Transfer Continues
The Telstra network of bureaucrats is at it again! And it is far from a fully informed market thanks to bureaucrats and their self-serving ignorance of such things and designed to keep them employed. Protective stupidity pays big rewards for the insiders! Their latest vehicle is an investment in an Internet web service in China. Telstra will pay $254 million for 51 percent of SouFun Holdings Ltd., which operates a real estate and home furnishing Web site.This is the same familiar model they have used many times to enrich themselves by transferring Telstra’s assets and billions in cash to an offshore transaction where it is out of sight and out of mind of the bamboozled Aussie public and that includes the T2 shareholders. Ziggy Switkowski, Telstra’s previous CEO and your typical insider mandarin (notice how they get millions cruising around from one government failure or disaster after another), lost more than A$3 billion in a failed Asian expansion during his six-year tenure. (He must know a thing or two about photons being a nuclear physicist so how come he never did anything to push thru fibre optics? We know why of course. Howard and his media oligarch mates! Their all too convenient propaganda apparatus to keep the masses brainwashed. )This was not really lost but a large chunk transferred to Telstra insiders and ex-insiders (from shareholders, T2 etc) based in different parts of the world including Hong Kong. This scam was PCCW plus. Ziggy got a payout of $10 million plus for stuffing up Telstra and dumping T2 onto gullible Aussies.It works and many of this mafia of Telstra bureaucracy have gotten wealthy from it and as shareholders watch their share value decline from $10 to $15 billion. Australia the clever banana republic! The iDTV failure is linked to Telstra’s decline but won’t be covered here.Here’s how it works.The biggest heist they managed to get away with in Asia is PCCW as mentioned, where many Telstra insiders and ex-insiders devised a scheme to get Telstra to spend billions on overseas assets that they had a direct and indirect interest in. When Telstra acquired the PCCW assets for billions in cash these insiders benefited but it is difficult to identify by how many millions. That’s one of the reasons they set these things up offshore. They have now found another bunch of assets in Asia and are doing the same thing. Meanwhile superior innovation and market value potential developed by entrepreneurs in Australia, cannot get money to commercialise their businesses. There is a pattern to this wealth transfer by this vast mandarin mafia over decades and the most recent exposure of how they do it and get away with it is the wheat/AWB scam. It is easier for this corrupt Telstra mafia to do offshore deals where they own and benefit from these offshore assets that few if any Telstra shareholders have any idea about. They can overpay for the assets using Telstra’s billions in cash and when in 2 or 3 years (or less, the quicker the scam works the better) the assets are worthless they can be dumped onto another company for a fraction of the cost. This other company is owned by the same Telstra insiders who then pay a small fraction of the original price for these now near worthless assets (they make them worthless wherever possible and given Telstra’s $15 billion lost value they certainly have a track record in making them) paid for from their cut of the over priced original cost Telstra paid for it. Get the picture? Aussie nation building!This is how Australia’s mandarins use taxpayer owned assets to enrich themselves as a network of insiders. You might use the AWB royal commission as a guide but just change the names.Notice also how the media monopoly mafia avoids reporting any of these implications, (conveniently dot joining dysfunctional) as they participate true to form and type, in helping to cover-up the mandarins corrupt scams and culture.Notice also the labor party mafia and the rest of the free-loaders (the keeping the bastards honest crowd among others) have never raised this issue? They won’t because they are as deeply responsible as the Howard crowd.There’s very little, if any long term planning involved. These political scumbags get into government and then make it up as they go along, with the mandarins laughing all the way to the bank. They get fat off this cycle and of course the productive public!This vast network of mandarins has created troughs in every government department and they are worth billions in total. For example NICTA, CRC’s, ARC, Ausindustry, Austrade and so many more the acronyms would fill up a CD. (They do this to confuse the public and avoid being monitored except by their own, and of course anyone should know the results of such a system of “checks and balances”. More of their bullshit!) But what this incestuous corrupt mandarin mafia, and it includes all universities and so on such as CSIRO, has in common is their exclusive use of it for their projects. It has always extended into Telstra and any other government organization, although the government over the past decade has attempted to create new laws that allow these organizations to be setup to look like a real commercial company, but they are in fact a cover for the billions of taxpayer’s funds that get channeled into and through this insider’s network. Also anyone with intellectual property stands to get it plagiarized by this network so they can use it for their own purposes and claim it as their project. This plagiarism could even extend into IP Australia which is the Australian patent office and any individual or SME submitting patent applications to this office stands to lose it from bureaucracy on the inside plagiarizing IP for themselves and their mates to use their (open ended taxpayer funded) exclusive multibillion dollar venture capital fund. Again efficiency and commercial success are not a priority and this is what the outcome has been for 2 or more decades, whether labor or the coalition. Australias 38 or so universities are particularly predatory and as serial failures they will plagiarise whatever they can with impunity. Some recent cases of plagiarism have been exposed but typically they remain buried. These universities and their academic bureaucracies have created large multibillion dollar empires from taxpayer dollars and with investment in real estate and so on and they protect these empires as Aussie bureaucracy does, while continually crying poor and that they need more funds and so on. Always at the head of the grant getters queue and tapping into any handouts they can get to keep their endless projects going. If anything comes of one or more of these projects invariably it and the IP will get sold offshore and the only beneficiaries will be the academics who make sure they get a slice of the pie and jobs as executives in Europe or wherever the project ends up. Again there is no mystery to why Australia’s universities cannot commercialise innovation. They do on occasion but mostly in other countries. And of course not only do the academics go offshore so does the IP, production and jobs. At the same time they also complain there is so little philanthropy in Australia unlike America. One is a corrupt trough feeding bureaucratic culture the other is an entrepreneurial wealth creating culture, without going into all the details, although we have covered some elsewhere on this bog. The media status quo true to form keeps all of this out of the public eye of course.Basically without going into the many specifics this massive pool of government funds is a venture capital investment fund but only the mandarins and their networks get to tap into it. It’s one of the main reasons, if not the main reason, why Australia cannot develop an innovative entrepreneurial culture. The trough feeding pigs hog one of the main sources of capital and the gateway to it. The governments billions! No outsiders allowed though because it would threaten the network of mandarins’ position at the trough. And it continues year after year despite the fact these trough feeders have never created any even modest successes. ( Mainly too busy getting matching funds to develop proof of concept prototypes for MNC’s and making Bill Gates and the like more billions. The no guts no glory no risk no reward entrepreneurial culture. And the political mafia scumbags keep rewarding this – on the advice of mandarins - as their version of their solution! And their waste of billions and failures correlates with Australia’s ICT deficit of A$1.5 billion 20 years ago to over $20 billion now.) Basically the same model as Centrelink and so on. Create a trough or find a trough and pig out! Get the budget and empire as big as possible, live like royalty and dynasties and do everything possible to keep it rolling and growing, while keeping the public in the dark and fed propaganda.There are some entrepreneurial innovations in Australia (outside unis and CSIRO for example) superior to anything in China and this can be proven with little difficulty, but even the new Telstra CEO would not be aware of this as he has little insight into the region and why Australia should be able to produce such innovation. So he does what Telstra has always done and no doubt this SouFun Holdings Ltd investment “opportunity” came from the mandarins and ex-mandarins who set it up specifically to suck in Telstra. As they did with PCCW and many others. It’s a scam! (So how did you become aware of SouFun Mr. Trujillo? ) Of course Hollywood Howard and the rest of his cabinet of conveyancing clerks wouldn’t know their arseholes from a hole in the ground when it comes to ICT and ICT economics, which is what the mandarins thrive on. (“Like computers once penetrated …..!”). Senator Nick Minchen waffling about Telstra’s fundamentals would be a joke if not so serious. So, without one or more of your yes minister flunkeys or investment bankers to do it for you, tell us what are the Telstra fundamentals Mr. Minchen? We’ll give you a hint. Electrons or photons, copper or fibre, analog or digital! An ICT deficit, a world class foreign debt and a world class inability to commercialise innovation and create equitable wealth.Not too long ago someone in Europe was quoted as saying, Australia is run by idiots for idiots. Not difficult to see why someone could make that observation given the past 2 or 3 decades. The tyranny of the status quo!Here is a typical recent example of the mandarins taking care of the mandarins. Remember the Chief of the Federal Police, Mick Palmer, well he has gotten the impressive position of Chairman of the College of Immigration. What these parasites can think up is mind boggling. But always anything to take care of the bureaucrats and their mates. Notice also that the Immigration Department has figured out they need a new ICT system to prevent 30 or more illegal detentions happening again. Some justification but typical of the kind of twisted cost-benefit logic they use (and the gullible public never questions, including the sycophantic dot-joining dysfunctional media mafia) to justify never returning any of their budget, excess to needs, once gained. This new systems project is budgeted at around $460 million, which means it should blow out at least another $200 million. That’s about $15 -$25 million for each detainee who shouldn’t have been a detainee etc. They would rather piss it up against the wall than use it for wealth creation. Wealth creation is an alien concept for Aussie public and private bureaucracy. Naturally most of this ICT work ($460 million!!!!) will go to offshore companies through the likes of IBM Consulting and Deloitte Touche Tohmatsu among others. Further undermining the local ICT industry as an indirect cost. Marvelously they are going to consult the Tax Office for advise on how to not stuff this project up. The ATO’s last new systems project was over budget by about $200 million but no one really knows and that’s the way they like it. And then there is the new Customs system. ETC! Clever country indeed!Wake up folks your wonderful democracy is being pillaged and looted at your expense.Bury bureaucracy before it buries you! An Economic Bill of Rights!“For the chief of state under modern conditions, a limiting factor is too many subjects and problems in too many areas of government to allow solid understanding of any of them, and too little time to think between fifteen minute appointments and thirty page briefs. This leaves the field open to protective stupidity. Meanwhile bureaucracy, safely repeating today what it did yesterday, rolls on as ineluctably as some vast computer, which once penetrated by error, duplicates it forever.”
Bureaucrats Getting Rich Off Telco Dinosaur And Public Ignorance
The Offshore Wealth Transfer Continues
The Telstra network of bureaucrats is at it again! And it is far from a fully informed market thanks to bureaucrats and their self-serving ignorance of such things and designed to keep them employed. Protective stupidity pays big rewards for the insiders! Their latest vehicle is an investment in an Internet web service in China. Telstra will pay $254 million for 51 percent of SouFun Holdings Ltd., which operates a real estate and home furnishing Web site.This is the same familiar model they have used many times to enrich themselves by transferring Telstra’s assets and billions in cash to an offshore transaction where it is out of sight and out of mind of the bamboozled Aussie public and that includes the T2 shareholders. Ziggy Switkowski, Telstra’s previous CEO and your typical insider mandarin (notice how they get millions cruising around from one government failure or disaster after another), lost more than A$3 billion in a failed Asian expansion during his six-year tenure. (He must know a thing or two about photons being a nuclear physicist so how come he never did anything to push thru fibre optics? We know why of course. Howard and his media oligarch mates! Their all too convenient propaganda apparatus to keep the masses brainwashed. )This was not really lost but a large chunk transferred to Telstra insiders and ex-insiders (from shareholders, T2 etc) based in different parts of the world including Hong Kong. This scam was PCCW plus. Ziggy got a payout of $10 million plus for stuffing up Telstra and dumping T2 onto gullible Aussies.It works and many of this mafia of Telstra bureaucracy have gotten wealthy from it and as shareholders watch their share value decline from $10 to $15 billion. Australia the clever banana republic! The iDTV failure is linked to Telstra’s decline but won’t be covered here.Here’s how it works.The biggest heist they managed to get away with in Asia is PCCW as mentioned, where many Telstra insiders and ex-insiders devised a scheme to get Telstra to spend billions on overseas assets that they had a direct and indirect interest in. When Telstra acquired the PCCW assets for billions in cash these insiders benefited but it is difficult to identify by how many millions. That’s one of the reasons they set these things up offshore. They have now found another bunch of assets in Asia and are doing the same thing. Meanwhile superior innovation and market value potential developed by entrepreneurs in Australia, cannot get money to commercialise their businesses. There is a pattern to this wealth transfer by this vast mandarin mafia over decades and the most recent exposure of how they do it and get away with it is the wheat/AWB scam. It is easier for this corrupt Telstra mafia to do offshore deals where they own and benefit from these offshore assets that few if any Telstra shareholders have any idea about. They can overpay for the assets using Telstra’s billions in cash and when in 2 or 3 years (or less, the quicker the scam works the better) the assets are worthless they can be dumped onto another company for a fraction of the cost. This other company is owned by the same Telstra insiders who then pay a small fraction of the original price for these now near worthless assets (they make them worthless wherever possible and given Telstra’s $15 billion lost value they certainly have a track record in making them) paid for from their cut of the over priced original cost Telstra paid for it. Get the picture? Aussie nation building!This is how Australia’s mandarins use taxpayer owned assets to enrich themselves as a network of insiders. You might use the AWB royal commission as a guide but just change the names.Notice also how the media monopoly mafia avoids reporting any of these implications, (conveniently dot joining dysfunctional) as they participate true to form and type, in helping to cover-up the mandarins corrupt scams and culture.Notice also the labor party mafia and the rest of the free-loaders (the keeping the bastards honest crowd among others) have never raised this issue? They won’t because they are as deeply responsible as the Howard crowd.There’s very little, if any long term planning involved. These political scumbags get into government and then make it up as they go along, with the mandarins laughing all the way to the bank. They get fat off this cycle and of course the productive public!This vast network of mandarins has created troughs in every government department and they are worth billions in total. For example NICTA, CRC’s, ARC, Ausindustry, Austrade and so many more the acronyms would fill up a CD. (They do this to confuse the public and avoid being monitored except by their own, and of course anyone should know the results of such a system of “checks and balances”. More of their bullshit!) But what this incestuous corrupt mandarin mafia, and it includes all universities and so on such as CSIRO, has in common is their exclusive use of it for their projects. It has always extended into Telstra and any other government organization, although the government over the past decade has attempted to create new laws that allow these organizations to be setup to look like a real commercial company, but they are in fact a cover for the billions of taxpayer’s funds that get channeled into and through this insider’s network. Also anyone with intellectual property stands to get it plagiarized by this network so they can use it for their own purposes and claim it as their project. This plagiarism could even extend into IP Australia which is the Australian patent office and any individual or SME submitting patent applications to this office stands to lose it from bureaucracy on the inside plagiarizing IP for themselves and their mates to use their (open ended taxpayer funded) exclusive multibillion dollar venture capital fund. Again efficiency and commercial success are not a priority and this is what the outcome has been for 2 or more decades, whether labor or the coalition. Australias 38 or so universities are particularly predatory and as serial failures they will plagiarise whatever they can with impunity. Some recent cases of plagiarism have been exposed but typically they remain buried. These universities and their academic bureaucracies have created large multibillion dollar empires from taxpayer dollars and with investment in real estate and so on and they protect these empires as Aussie bureaucracy does, while continually crying poor and that they need more funds and so on. Always at the head of the grant getters queue and tapping into any handouts they can get to keep their endless projects going. If anything comes of one or more of these projects invariably it and the IP will get sold offshore and the only beneficiaries will be the academics who make sure they get a slice of the pie and jobs as executives in Europe or wherever the project ends up. Again there is no mystery to why Australia’s universities cannot commercialise innovation. They do on occasion but mostly in other countries. And of course not only do the academics go offshore so does the IP, production and jobs. At the same time they also complain there is so little philanthropy in Australia unlike America. One is a corrupt trough feeding bureaucratic culture the other is an entrepreneurial wealth creating culture, without going into all the details, although we have covered some elsewhere on this bog. The media status quo true to form keeps all of this out of the public eye of course.Basically without going into the many specifics this massive pool of government funds is a venture capital investment fund but only the mandarins and their networks get to tap into it. It’s one of the main reasons, if not the main reason, why Australia cannot develop an innovative entrepreneurial culture. The trough feeding pigs hog one of the main sources of capital and the gateway to it. The governments billions! No outsiders allowed though because it would threaten the network of mandarins’ position at the trough. And it continues year after year despite the fact these trough feeders have never created any even modest successes. ( Mainly too busy getting matching funds to develop proof of concept prototypes for MNC’s and making Bill Gates and the like more billions. The no guts no glory no risk no reward entrepreneurial culture. And the political mafia scumbags keep rewarding this – on the advice of mandarins - as their version of their solution! And their waste of billions and failures correlates with Australia’s ICT deficit of A$1.5 billion 20 years ago to over $20 billion now.) Basically the same model as Centrelink and so on. Create a trough or find a trough and pig out! Get the budget and empire as big as possible, live like royalty and dynasties and do everything possible to keep it rolling and growing, while keeping the public in the dark and fed propaganda.There are some entrepreneurial innovations in Australia (outside unis and CSIRO for example) superior to anything in China and this can be proven with little difficulty, but even the new Telstra CEO would not be aware of this as he has little insight into the region and why Australia should be able to produce such innovation. So he does what Telstra has always done and no doubt this SouFun Holdings Ltd investment “opportunity” came from the mandarins and ex-mandarins who set it up specifically to suck in Telstra. As they did with PCCW and many others. It’s a scam! (So how did you become aware of SouFun Mr. Trujillo? ) Of course Hollywood Howard and the rest of his cabinet of conveyancing clerks wouldn’t know their arseholes from a hole in the ground when it comes to ICT and ICT economics, which is what the mandarins thrive on. (“Like computers once penetrated …..!”). Senator Nick Minchen waffling about Telstra’s fundamentals would be a joke if not so serious. So, without one or more of your yes minister flunkeys or investment bankers to do it for you, tell us what are the Telstra fundamentals Mr. Minchen? We’ll give you a hint. Electrons or photons, copper or fibre, analog or digital! An ICT deficit, a world class foreign debt and a world class inability to commercialise innovation and create equitable wealth.Not too long ago someone in Europe was quoted as saying, Australia is run by idiots for idiots. Not difficult to see why someone could make that observation given the past 2 or 3 decades. The tyranny of the status quo!Here is a typical recent example of the mandarins taking care of the mandarins. Remember the Chief of the Federal Police, Mick Palmer, well he has gotten the impressive position of Chairman of the College of Immigration. What these parasites can think up is mind boggling. But always anything to take care of the bureaucrats and their mates. Notice also that the Immigration Department has figured out they need a new ICT system to prevent 30 or more illegal detentions happening again. Some justification but typical of the kind of twisted cost-benefit logic they use (and the gullible public never questions, including the sycophantic dot-joining dysfunctional media mafia) to justify never returning any of their budget, excess to needs, once gained. This new systems project is budgeted at around $460 million, which means it should blow out at least another $200 million. That’s about $15 -$25 million for each detainee who shouldn’t have been a detainee etc. They would rather piss it up against the wall than use it for wealth creation. Wealth creation is an alien concept for Aussie public and private bureaucracy. Naturally most of this ICT work ($460 million!!!!) will go to offshore companies through the likes of IBM Consulting and Deloitte Touche Tohmatsu among others. Further undermining the local ICT industry as an indirect cost. Marvelously they are going to consult the Tax Office for advise on how to not stuff this project up. The ATO’s last new systems project was over budget by about $200 million but no one really knows and that’s the way they like it. And then there is the new Customs system. ETC! Clever country indeed!Wake up folks your wonderful democracy is being pillaged and looted at your expense.Bury bureaucracy before it buries you! An Economic Bill of Rights!“For the chief of state under modern conditions, a limiting factor is too many subjects and problems in too many areas of government to allow solid understanding of any of them, and too little time to think between fifteen minute appointments and thirty page briefs. This leaves the field open to protective stupidity. Meanwhile bureaucracy, safely repeating today what it did yesterday, rolls on as ineluctably as some vast computer, which once penetrated by error, duplicates it forever.”
posted by Rupert Russell | 5:12 PM
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