Politics — random notes…

23 Sep

Thomas was the first to note the Opposition’s hypocritical grab for the votes of us pensioners: Breaking news from the Australian Senate: Pension Bill passes. It is a stunt, because it fails to make systemic changes; nice to get, maybe, $30 a week — I’ll go to Brazil for a year on that — but for, what, twelve years the assholes did bugger all, and now they act like Father Christmas? Pardon my cynicism.

Meanwhile The Merchant of Venice — thanks for that, Wayne Swan — is touting his personal experience of the likes of Goldman Sachs to castigate the government. As Peter Hartcher rightly notes in the Sydney Morning Herald, That’s rich coming from him!

…There are a number of reasons that Turnbull has a reputation for economic credibility. One was his ability as a canny deal-maker; another was his time in the employ of Kerry Packer; a third is his successful accumulation of private wealth.

But perhaps the most important was his time as a “merchant banker”, an occupation which became terminally unfashionable in the 1990s when it became rhyming slang for “wanker”. It was discreetly reclassified as “investment banking”.

Turnbull founded his own investment bank, Turnbull and Partners, in 1987. He sold the business 10 years later to the great Wall Street investment bank of Goldman Sachs.

He became chairman and managing director of Goldman Sachs Australia. More profitably, he was made a partner.

Of the many incarnations of Malcolm Turnbull, it was this one that most imprinted itself on the public perception of the man; most references to him in recent years presented him as a “former merchant banker”.

Yesterday, after 139 years, Goldman Sachs ceased to exist as an investment bank. Indeed, investment banking, in the form we know it, ceased to exist…

Malcolm Turnbull has plenty of front. It has been perhaps his greatest asset so far, but what is behind the front? We await developments…

Meanwhile the man with the extremely unfortunate personality, Michael Costa, has quit NSW politics, and the good ship NSW Labor continues like the Titanic after the iceberg.

Politics! Bah humbug!


2 responses to “Politics — random notes…

  1. Thomas

    September 23, 2008 at 10:24 pm

    There was some progress (or, really, none) for the Bill made a couple hours ago. Blogged about it.

  2. Neil

    September 23, 2008 at 10:35 pm

    Yeah, saw that. See Thomas’s post.

%d bloggers like this: